Peabody Energy Corp on Wednesday filed for Chapter 11 bankruptcy protection from its creditors just weeks after warning that it could do so, the latest in a string of bankruptcies that have ricocheted through the US coal-mining industry.
The move by St Louis-based Peabody, the largest US coal mining company, follows on the heels of similar moves by Arch Coal Inc, Alpha Natural Resources, Inc, Patriot Coal Corp and Walter Energy, Inc.
Certainly, Peabody’s debt and competing energy sources have weighed, as has reduced steel production along with the Obama Recovery’s drag on our economy. However, “environmental” regulations, designed by President Barack Obama to destroy the industry have contributed both to the reduction in steel production and to Peabody’s reduced ability to function.
The destruction of an industry. Something only a Progressive could be proud of. And something Democratic Party Presidential candidate Hillary Clinton has said repeatedly that she will continue—in spades.