Coal Helps America Through Power and Jobs
Below is a MRR and PLR article in category Business -> subcategory Other.
The Impact of Coal on America's Economy and Energy
The coal industry significantly influences the U.S. economy, contributing both to energy production and job creation.
Coal and Electricity
A substantial portion of America's electricity is generated from coal. When coal prices are low, so are electricity costs, which can drive economic growth. Electricity is a $200 billion industry, making it the largest commodity market in the U.S. Low electricity prices help keep inflation in check, serving as a key economic indicator. Stable or declining commodity prices can benefit savings and investments for millions of Americans.
Technological Demand
The growing demand for technology, such as computers and smartphones, increases electricity consumption, much of which is sourced from coal. As consumers buy these devices, they boost the economy not only through their purchases but also via their increased use of electricity.
Electricity and Economic Activity
The link between electricity consumption and economic activity is evident. For every 1% increase in the GDP, electricity demand rises by about 1%. This connection underscores the essential role coal plays in powering economic growth.
Job Creation and Revenue
The coal industry contributes significantly to job creation, directly and indirectly supporting over 90,000 jobs in the U.S. and nearly a million worldwide. Coal-related employment generates approximately $37 billion, almost 1% of the total earnings of Americans.
The annual value of coal production in the U.S. is around $18 billion, with a total economic impact of $161 billion. This amounts to about $596 per American citizen. States like California and New York, despite not having coal mines, benefit economically from coal.
Fiscal Contributions
Coal businesses contribute more than $11 billion in federal taxes and an additional $9 billion to state and local governments each year.
In summary, coal plays a crucial role in powering America and supporting its economy through affordable energy, job creation, and significant fiscal contributions.
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