In 2014, the US coal industry was in the midst of a renaissance.
The industry was growing thanks to cheaper natural gas prices, and new technologies like hydraulic fracturing and horizontal drilling were making coal extraction cheaper than ever.
Peabood Coal, which owns the world record for the most coal, began investing in the mines in a big way, investing in a coal mining operation at an expense of $100 million per mine, according to a recent report from Bloomberg.
But as the world price of natural gas fell and new coal mines began to open in other parts of the country, Peaboodle decided to take a big hit.
In the next few years, Peasoo’s market value fell from $1.1 billion in 2018 to $1 billion as of 2020, Bloomberg reported.
The company was able to survive on its coal income through 2016.
It was able, in part, by investing in new mines.
But in the years since, Peapoo’s coal mines have suffered from a range of reasons.
Peabody Coal, in fact, has been the subject of a number of investigations by state and federal authorities over the years.
In 2018, Peaio was charged by the US Justice Department with $3.3 billion in illegal profits, including $1 million from the sale of coal mined in Wyoming.
In 2020, the Justice Department indicted the company on charges that it defrauded investors in Wyoming and Tennessee.
In 2018, the Department of Energy fined Peaboot Coal $300 million for failing to pay a federal tax on $932 million in profit.
In 2021, the DOJ also accused Peaoot of defrauding investors in West Virginia and Ohio by failing to disclose the extent of coal mining losses in those states, as well as for withholding a tax payment to the state of Ohio.
In 2022, Peavos coal mine in Kentucky was shut down after the coal-mining operation was found to be operating in an unsafe manner.
At the same time, Peabo was also facing several other criminal cases and lawsuits.
Two years ago, Peawo was accused of running a pyramid scheme, using company records to make a series of false claims to the IRS, claiming the company earned $6 billion in income from coal mining in the United States, according the AP.
The company was also accused of making false claims about the amount of natural-gas extraction it could handle, according Bloomberg.
A federal grand jury in May indicted Peawoos CEO for allegedly violating federal securities laws, including violating the Sherman Antitrust Act, which prohibits companies from using their position to take advantage of competitors.
It’s a tough spot for Peawoo to be in, especially considering that its coal mines are owned by Peaboo itself.
But as Bloomberg reported in 2017, Peasho Coal, the company’s parent company, has continued to take in millions of dollars from coal exploration in other states.
Meanwhile, Peaquo, which has been owned by the Peabodies since 1996, is also struggling financially.
In 2019, the coal company filed for Chapter 11 bankruptcy, according The Hill.
That year, the Peaquotas coal mines shut down.
“Peabood’s coal mine operations are not operating in the most sustainable manner,” Bloomberg reported at the time.
“The company’s mines and the associated businesses have been subject to several significant regulatory challenges, including several attempts by federal regulators to impose conditions and other conditions on the operation of the mines.
These include: a significant reduction in coal production and coal mine safety regulations, a number of environmental violations, and an ongoing investigation by the U.S. Department of Justice into a number