There has been for some time a notion of Peak Oil — that new finds of oil and new technologies to extract deeper and cheaper have peaked. Now, the Wall Street Journal puts in its front page a major story about worries in the coal industry that, as a graph is titled, there may be “Peak Coal.”
WSJ front-page shocker: “U.S. Foresees a Thinner Cushion of Coal,” warns rosy U.S. coal estimates “may be wildly overconfident”
Mining companies report they have to dig deeper and move more earth to extract coal from aging mines, driving up costs. Utilities have grown skittish about whether suppliers can ship promised coal on time. American Electric Power Co., the nation’s biggest coal buyer, says it has stepped up its due diligence to make sure its suppliers can make deliveries after some firms missed shipments last fall. It even bought a mine to lock down supplies.
“We are very much concerned, and it’s getting worse,” said Tim Light, senior vice president for AEP.
via Climate Progress
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