Donald Trump has made no secret of the fact that he’s a big fan of coal. In fact, that’s part of what put him over the top in swing states like Ohio and Pennsylvania.
And while critics say that coal’s days are over — that natural gas and renewables are the wave of the future — the coal industry is showing signs that it’s not dead quite yet.
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The bureau, which has tracked coal profits and losses since 2000, reported that coal mining concerns with more than $50 million in assets took in after-tax profits of $1.957 billion.
As for the same period last year, under the Obama administration, coal companies in the same category racked up $27.075 billion in losses. That’s a pretty significant turnaround.
In fact, coal companies hadn’t posted a profit in that category since the third quarter of 2014, when they managed to earn a healthy $10.258 billion.
Of course, it only took one quarter to hit losses of $17.057 billion, and the coal industry’s fortunes bottomed out with a loss of $84.023 billion in the fourth quarter of 2015. That made last week’s Census Bureau report some pretty good news for the coal industry — and it only got better from there… [CONTINUED ON NEXT PAGE]