Just as Obama Promised=> World’s Largest Coal Producer Declares Bankruptcy

A one man wrecking crew–
Barack Obama promised to bankrupt the coal industry during the 2008 campaign.

“So if someone wants to build a coal-powered plant, they can. It’s just that it will bankrupt them.”

Today the world’s largest coal producer declared bankruptcy.
They can thank Barack Obama.
CNN reported:

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.

Peabody reported a loss of $2 billion last year. Revenue tumbled 17% to $5.6 billion as the average price and amount of coal that it sold fell. It warned of further declines this year due to reduced use of coal by U.S. utilities, along with lower demand from overseas markets.

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Jim Hoft is the founder and editor of The Gateway Pundit, one of the top conservative news outlets in America. Jim was awarded the Reed Irvine Accuracy in Media Award in 2013 and is the proud recipient of the Breitbart Award for Excellence in Online Journalism from the Americans for Prosperity Foundation in May 2016. In 2023, The Gateway Pundit received the Most Trusted Print Media Award at the American Liberty Awards.

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Thanks for sharing!