Another U.S. coal company may fall victim to current coal regulations.
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Murray Energy, America’s largest private coal producer, announced 4,400 jobs could be cut in six states, with bankruptcy being a possibility as well, citing the Obama Administration’s war on coal.
“The coal industry has been cut in half under President Obama… Coal employment is down from 200,000 to 60,000 today and these people just want to work and honor dignity and they’re being denied that. The regulations from the Obama EPA now total $380 billion a year,” Murray Energy CEO Robert Murray told the FOX Business Network.
Currently, the spot price of coal in Northern Appalachia is about $43, according to the U.S. Energy Information Administration.
The coal executive, who founded the business in 1988, explained that the company is working to avoid any layoffs or bankruptcy filings, saying the announcement was only precautionary.
“We have a four-step program to stay out of bankruptcy and we’re dealing step-by-step with the things that we need to get done to stay out of bankruptcy, including working with our creditors, including working with the United Mine Workers on a new contract, including working with our customers,” he said.
“Hopefully we’ll avoid bankruptcy. It’s the last thing that I want to do.”