Tuesday, November 06, 2007
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Gore Nightmare Wins as Europe Pays to Ship U.S. Coal
Gore Nightmare Wins as Europe Pays to Ship U.S. Coal
 <http://www.bloomberg.com/apps/news?pid=20601109&sid=aCDV150sCm1I&refer=home >

Now that the price of coal is at a historic low relative to oil, 
there's no stopping consumers and producers alike from embracing Al 
Gore's nightmare.

A ton of U.S. coal is so cheap at about $47 that European utilities 
will pay $50 to ship it across the Atlantic, according to Galbraith's 
Ltd., a 263-year-old London shipbroker. While oil and coal cost the 
same as recently as 1998, West Texas Intermediate crude is five times 
more expensive after climbing to a record $96.24 on Nov. 1.

Peabody Energy Corp., Consol Energy Inc. and Arch Coal Inc., the three 
biggest U.S. coal companies, forecast the largest increase in exports 
in 20 years, degrading the call for a moratorium on coal plants by 
former U.S. Vice President and this year's Nobel Peace Prize winner Al 
Gore. Coal use worldwide has grown 27 percent since 2002, three times 
faster than crude, said BP Plc. U.S. East Coast coal has risen 71 
percent, while oil tripled on the New York Mercantile Exchange.

``Coal is by far the cheapest fuel because there's no price on how 
much damage it causes,'' said John Holdren, a Harvard University 
professor of environmental science and director of the Woods Hole 
Research Center in Falmouth, Massachusetts. ``Unless you get policies 
to put a price on carbon dioxide and other emissions, no other plants 
can compete.''



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Tuesday, November 06, 2007 10:48:12 AM (Eastern Standard Time, UTC-05:00)    Disclaimer  |  Comments [0]  |  Related posts:
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