Patriot Coal Corporation Going Belly Up

Patriot Coal Corporation (Patriot) is a producer of thermal coal in the eastern United States, with operations and coal reserves in the Appalachia and the Illinois Basin coal regions. The Company operates in two segments: Appalachia Mining Operations and Illinois Basin Mining Operations. Patriot is also a United States producer of metallurgical quality coal. Its principal business is the mining and preparation of thermal coal or steam coal, for sale primarily to electricity generators, and metallurgical coal, for sale to steel mills and independent coke producers. As of December 31, 2011, its operations consisted of 14 active mining complexes, which include mines, contractor-operated mines and coal preparation facilities. The Appalachia and Illinois Basin segments consist of its operations in West Virginia and Kentucky, respectively. It controls approximately 1.9 billion tons of proven and probable coal reserves.

Another victory for team Obama.

More fracting.

I say, fracting is going to cost us way more capacity than displace.

It will destroy more electricity capacity than bring on new capacity...