High energy prices spur the reopening of old coal mines
With energy costs skyrocketing, old coal producing regions throughout the world have sprung back to life. In Japan, coal production is at its highest point in nearly forty years, after a long period of contraction due to high labor and extraction costs. With the world price of oil and other commodities at all time highs, re-opening old mines and the expansion of existing mines throughout the world has boomed. Illustrating the dramatic increase in prices, the cost of a metric ton of coal shipped from Australia to Japan in 2003 was $23.25. Now it is almost $140.
Of course, along with this increase in coal production and use, comes an increase in greenhouse gas emissions. While high oil prices has encouraged alternative energy investment and development, it is also apparently fueling old energy re-development. Hopefully this won’t prove to be a net-wash.
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