Murray Energy Corp, the largest private coal miner in the US, has announced that it may be forced to lay off 80% of its employees due to the low energy prices.
4,400 of its employees may no longer have a job come September when the company anticipates “massive workforce reductions.”
This announcement was right after the United Mine Workers of America said they would reject the new labor deal with the company.
Ever since cheap natural gas has replaced coal as the fuel for many power plants, the need for coal has slumped. The new environmental regulations have also made the coal mines much less profitable.
The company cites Obama’s poor energy policies for the impending layoffs stating that “due to the ongoing destruction of the United States coal industry by President Barack Obama, and his supporters, and the increased utilization of natural gas to generate electricity,” according to a company statement.
The mining industry has already seen a massive decrease in jobs.
“Since reaching a peak in September 2014, employment in mining has decreased by 191,00, with more than three-quarters of the loss in support activities for mining,” according to the Bureau of Labor Statistics. More than 10,000 jobs were lost from April 2015 to April 2016.
Robert Murray, the controlling owner of Murray Energy Corp has continuously criticized Obama for implementing policies that halt his business. Clinton is similarly “anti-coal “as well and if she is elected, this could lead to the demise of the coal industry.
Evidently, Murray is a supporter of Donald Trump. The republican candidate has promised to revitalize the mining industry.
Trump has stated that Clinton can’t beat him at jobs and the economy. He criticized Clinton’s “anti-coal” policies.
“I am going to put the miners back to work and she said ‘I am going to put the miners and the mines out of business,’” said Trump at the Charleston Civic Center on May 5 of this year. “If I win, we are going to bring those miners back. You are going to be so proud of your president, you are going to be so proud of your country.”