Gore's nightmare: Europe turns to U.S. coal

[Lone_Star_Dem]

Source: Bloomberg News

Now that the price of coal is at a historic low relative to oil, there's no stopping consumers and producers alike from embracing Al Gore's nightmare.

A ton of U.S. coal is so cheap at about $47 (U.S.) that European utilities will pay $50 to ship it across the Atlantic, according to Galbraith's Ltd., a 263-year-old London shipbroker. While oil and coal cost the same as recently as 1998, West Texas Intermediate crude is now five times more expensive after climbing to more than $90 a barrel.

Peabody Energy Corp., Consol Energy Inc. and Arch Coal Inc., the three biggest U.S. coal companies, forecast the largest increase in exports in 20 years, degrading the call for a moratorium on coal plants by former U.S. vice-president and this year's Nobel Peace Prize winner Al Gore. Coal use worldwide has grown 27 per cent since 2002, three times faster than crude, said BP PLC. U.S. East Coast coal has risen 71 per cent, while oil tripled on the New York Mercantile Exchange.

<snip>

Mr. Gore, 59, said five months ago the U.S. should adopt a "complete moratorium" on new coal-fed power plants unless all of the carbon dioxide from them can be buried underground. Government efforts to subsidize coal as an alternative to oil would be a "serious mistake," he said in a June 1 interview on Conversations with Judy Woodruff on Bloomberg Television.

Read more: http://www.theglobeandmail.com/servlet/story/LAC.20071106.RCOAL06/TPStory/Business

[iconoclastic cat]

1. In other news, the human race has been classified, "Too Dumb to Live."

[Lone_Star_Dem]

2. Destroying our planet to save a buck.

Yes, I think that qualifies as too dumb to live.

[iconoclastic cat]

3. The one who dies richest wins! nt

[closeupready]

4. Hey, by the time our granchildren come of age, we'll be dead, so who cares?

n/t

[Lorien]

7. Grandchildren? We'll be dead before then. n/t

[Heywood J]

5. Victorian England, here we come.

[Beerboy]

6. A possible stock tip to bird-dog...

Bookmarked, thanks for posting the links.

[Lone_Star_Dem]

9. If you needed this pointed out to you

Do yourself, and your pocketbook a favor and stay out of the market. ;)

[JVS]

8. Does this mean the economy of TX will sag and WV and PA will boom?

That would be a silver lining

[Heywood J]

10. Not as long as there's a Bush in the White House.

Jeb's got to be elected from somewhere, and Florida booted him.

[Acadia Blue]

11. Would love to see Texas crash. Perhaps they would wake up

from the Bush and insane religion racist induced coma.

[Psephos]

19. So you hope 23 million people will suffer to assuage your offended sensibilities?

What board am I on again?

[Fly by night]

12. Gee, wouldn't it be nice if Gore had a bully pulpit that really meant something?

Like one located in the White House, not in a West End office in Nash-vegas.

Just sayin'.

[OrangeCountyDemocrat]

13. I'm Sure Hillary Is Going To Make This A Priority Of Her Administration

:sarcasm:

[pitohui]

14. well this is certain to happen, they've mined their own coal

we need to do something to make sure that the communities impacted by coal mining receive $$$ in accord with the harm done to the communities

if we'd done this with oil, louisiana for one would be a very rich state, as would mexico and venezuela and others -- there needs to be a way that when resources are extracted (and extracting the resources causes huge impact on the land and health of those living in the area) then the locals need to see a benefit

there are also large coal reserves in china and thus far, china seems willing to have the locals work for nothing and die like flies in the coal mines, it would make more sense for the usa and china to band together and be sure that coal is priced fairly

a higher price for coal, to include givebacks for the locals, would allow some of the coal to be used where needed

a low price for coal will cause it to be used like crazy with resulting harm to workers, land, and atmosphere

[theHandpuppet]

15. Here's a site I'd recommend visiting

Appalachian Voices
http://www.appvoices.org/index.php?/frontpage/

[Lone_Star_Dem]

18. Every person in America should visit that site

It won't leave the same impression on everyone as me, that I understand. But many would leave with a different view than they entered with.

[ileus]

16. Keep our resources here...some things shouldn't be exported.

As a nation we need to assure our energy supply no matter how dirty stays put and at work for America.

[and-justice-for-all]

17. Well isnt this a tragic turn of events. nt

[Gloria]

20. Wales is also stepping up coal production again as demand grows.....