According to the executive, the Obama administration’s policies are hurting the lowest income families and he expects rules that benefit people on fixed incomes.
Murray Energy Corporation Mining News
Competition from cheap natural gas and heavier environmental regulation of mines and power plants have created the poorest U.S. coal market conditions in at least 58 years, he said.
The Ohio-based company says the new ozone standards will severely harm the country's already battered coal industry.
The planned cuts, about 21% of Murray’s workforce, will come largely at mines in Ohio and West Virginia, a state hit hard by recent coal mine closures and layoffs.
Consol Energy, the largest coal producer in the eastern US, will sell off about half of its production capacity.