This is not the point of the article but it IS my point. If most mammals, like us, are going to survive then we are going to have to leave all of the carbon that we can in the ground. By the way natural gas is no “bridge” to the future. Methane is a lot more potent green house gas. It is carbon that must be left in the ground too. So expect the natural gas companies to follow suit. The sooner the better.
The largest U.S. coal company just filed for bankruptcy
Peabody Energy, the world’s largest private-sector coal producer, filed for bankruptcy on Wednesday in a U.S. court, citing “unprecedented” industry pressures and a sharp decline in the price of coal.
The company said it will continue to operate while in bankruptcy, while working to reduce debt and improve cash flow.
“Peabody has a new management team, outstanding workforce, unmatched asset base and strong underlying operational performance that represent a key driver in the company’s future success,” CEO Glenn Kellow said in a statement announcing the Chapter 11 filing.
In addition to plummeting coal prices, the company cited weakness in China’s economy, overproduction of domestic shale gas and ongoing regulatory challenges as reasons for its declining prospects.
Go there and read celebratorily. More next week.