(Bloomberg) Coal prices in the United States exceeded US$100 per ton for the first time in 13 years, as Russia's war in Ukraine and the global energy crisis increased demand for fossil fuels.
Central Appalachian coal prices rose 9% to US$106.15 per tonne last week, the highest since late 2008, according to government data released Monday. Prices in the Illinois basin rose to US$109.55, surpassing US$100 a ton for the first time in records dating back to 2005.
The rise comes at a time when US consumers are already facing the highest inflation in four decades. Higher coal prices increase the likelihood that American consumers will pay more for electricity, while food, housing and car costs are already skyrocketing in the US, driving consumer price inflation at the fastest annual rate since 1981.
Coal prices are rising around the world as economies recover from the pandemic and energy producers are pushing for alternatives to Russian fuel. The rise comes as a United Nations-backed panel of climate scientists warned on Monday that the world may be on track to warm at a pace that would painfully restructure societies and life on the planet.
Original Note:
U.S. Coal Prices Top $100 a Ton For First Time Since 2008 (1)
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