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Why This Matters: The death of coal mining is coming faster than expected, even as the President has continued to try to prop it up. But the transition is going to be painful. In this case, the industry argued that these mines were different than the ones shuttered in West Virginia — the coal is “cleaner” and was supposed to have a longer wind-down period. The fact is that coal production in this region of Wyoming has plummeted from 462 million tons in 2011 to an expected 175 million tons next year simply because of lack of demand. And, as the Caspar Star-Tribune editorialized back in April, the region’s leaders just ignored the familiar warning signs. Vox explains the phenomenon well: “it is known as the ‘resource curse’ — economies rich in natural resources and dependent on export commodities tend to grow more slowly and perform worse on a range of social indicators, and they are left worse off when the resources dry up.” Worse yet, the company that owns these mines owes millions to the federal government in royalties and will likely not have enough money to clean up their mining mess. This kind of corporate mismanagement and profiteering off natural resources that belong to the public, while also leaving hard-working people in ruin, ought to be illegal.
Why Did Blackjewel Go Bankrupt?
According to Vox, by last week, it had “accrued $500 million in debts — to local vendors ($156 million), the Bureau of Land Management (BLM) for royalties, the Mine Safety and Health Administration (MSHA) for violations, and several states for back taxes ($6 million in Kentucky; $1.6 million Virginia; $17 million in Campbell County, Wyoming). The Eagle Butte and Belle Ayr mines alone owe $60 million in royalties and $37 million in county taxes.”
Sadly, Jeff Hoops, who owns what is left of Blackjewel, also has a history of bleeding coal companies dry in West Virginia. The model is to “buy the mines (or assets) for cheap from a company in restructuring, thereby escaping health, pension, and environmental obligations; take out huge loans to keep the mines going; pay yourself and your executives handsomely from those loans; and then, when the mine goes under anyway, pay yourself additional bonuses for “managing” your own bankruptcy and walk away richer than you started.” According to Vox, Hoops is currently planning to build a 189-acre resort in his hometown of Milton, West Virginia — it will house a 3,500-seat replica of the Roman Coliseum that will be called the “Grand Patrician.” Hoops told the local Wyoming paper that, “no one is hurting more than me,” but the town’s Mayor, Louise Carter-King, warned, “If I were him, I wouldn’t show up in Wyoming.”
by Julia Fine Last month, we wrote about the outbreak of locust swarms traveling from East Africa to the Indian subcontinent. Now, as the New York Times reported yesterday, the locusts have made their way to New Delhi. The capital region’s fields, metro stations, suburbs, and more are now teeming with swarms. We previously noted […]
Our nation is in the midst of a moment where statues and monuments celebrating our racist past are being reevaluated and taken down. However, some on the political right have begun calling into question the validity of this conversation. Conservative media personality Meghan McCain wrote in a tweet that we’re “one week removed from entire […]
The House was set to vote to pass the Great American Outdoors Act, which will provide nearly $1B annually for parks and other conservation, but a group of Western Republicans has raised procedural hurdles that will delay final passage until late July, The Hillreported yesterday. And, a new report from the Center for American Progress (CAP) urges the United States to launch a major effort—a “Race for Nature” — to help the nation’s agricultural producers, who are facing a bleak economic future, by increasing opportunities to pay them for their conservation efforts.
Why This Matters: As the CAP Report explains, “Family farmers and ranchers need lifelines…Bold and swift investment in nature conservation can provide one.”
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