King Coal Returns

Posted on Tue 10/11/2016 by


Bolt New 01By Andrew Bolt ~

Global warmists predicted the rains would dry. The dams would drain. The cyclones would grow. The crops would fail. The islands would drown. All false, of course.

And they swore that wicked coal – the cause of it all – would be worthless. Check their predictions – and what’s now happened.

Cartoon -- Global Warming LiesABC’s Four Corners, June 16 last year:

With the price of coal plummeting and our biggest customers turning to renewable energy, is Australia backing a loser?

Ross Gittins, The Sydney Morning Herald, October 14 last year:

In a nutshell … coal’s days are numbered. The rapidly falling price of renewable energy such as wind and solar, combined with the growing resolve of China, the US and others to reduce their emissions, put a dark cloud over the future of coal.

ABC business editor Ian Verrender, The Drum, December 28 last year:

Prices have collapsed and global demand is waning, in the oft-repeated boom-bust cycle of the resource world … Rather than a mere cyclical downturn, coal appears to be in structural decline.

Paul Cleary, The Monthly, October last year:

Not only are coal prices down by around two-thirds from their peak in late 2011, but the financial underpinnings of the entire industry are crumbling. Investors in Australia and around the world have been stampeding out of coal stocks for both financial and ethical reasons.

Ah yes, about that. The Australian, yesterday:

Australian coking coal spot prices have surged 155 per cent since the start of June to a four-year high of $US213 per tonne as China cracked down on mining overcapacity at the same time that government stimulus fired the housing market, while rain and derailments hit Australian supply. The price is now more than double the still-standing September quarter contract price of $US92.50…

When – finally -will reality force warmists to revisit the assumption behind their astonishing record of dud predictions? When will they ask themselves why they have been so wrong so often, and always on the alarmist side?

Andrew Bolt writes for the Herald Sun, Daily Telegraph, and The Advertiser and runs Australia’s most-read political blog. On week nights he hosts The Bolt Report on Sky News at 7pm and his Macquarie Radio show at 8pm with Steve Price.

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