The Washington Post reports:
Shares of U.S. coal mining companies plunged Monday, battered by weak economic data from China, the overall stock market slide and the prospect that President Obama will announce plans for regulating greenhouse gas emissions from existing coal plants.
“It was the triple whammy,” said James Rollyson, a coal analyst with the investment firm Raymond James.
In addition, coal company investors were anxious over news Monday that the Supreme Court would review the D.C. Circuit Court of Appeals decision to reverse the Cross-State Air Pollution Rule, one of the Obama administration’s key tools for improving air quality by forcing coal-fired power plants to install pollution controls.
@Gamecock: Without looking in detail: I note that all stocks are dropping because Obama’s economy sucks in the aggregate, and the decline in coal stocks is even steeper than the median because Obama’s green energy economy is a utopian unicorn based on junk science.
Well, not to worry. If the U.S. can’t or won’t use the coal. the Chinese will be only too happy th buy our surplus from us. Just as coal rom Austraalia is shipped to China, to enable them to produce more than anyone else.
Without looking in detail, I note that all stocks have been plunging for a week.
What the hell, the only people being effected as a result of Obama’s attack on coal are those poor people in Virginia, West Virginia, etc that work in the coal mines. Too bad for them because the elites have determined that their right to earn a living is less important than Obama trying to save the world. Of course, the elites have probably done OK on this one because they probably shorted the coal stocks as a result of their advance knowledge of Obama’s speech.