While reading the news today I couldn’t help but comment on the biggest downturn of the US coal industry in my adult life. Recently, Alpha Natural Resources and Arch Coal Inc have filed for bankruptcy and Now Peabody Energy is considering doing the same. For those that don’t know, Peabody Energy is the largest US coal producer.
This downturn doesn’t just hurt the coal industry, it hurts all of the industries that support the coal industry. The pain wont be limited to the large construction based companies, it will also impact the smaller companies that provided products or services to these mining companies and their local mines. It will affect them directly by losing the business they once did with the mine and indirectly by losing the business they did with the employees who once had high paying jobs and are now unemployed. It doesn’t matter if you are a mechanic, an equipment operator, a florist, a farmer, an accountant or a small business owner – if this doesn’t affect you firsthand like myself it will certainly bleed over to you through your friends, family, coworkers, employees and customers.
I will keep my views on how we got into this mess to myself, I really just wanted to share my thoughts on this and see what everyone else thought.
Marked as spam