Word: coal
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...ecologically sensitive program aiming at tough restrictions on such activities as offshore drilling and coal mining, combined with massive efforts to cut energy demand and develop environmentally harmless solar power...
...that events will give the President and his advisers, old and new, no leisure in which to think out the details of economic strategy. Dismal crop forecasts last week made plain that food-price inflation is gathering speed again. A union plan to shut down the nation's coal mines this week underlined boiling labor unrest. The stock market, reflecting investor skepticism that anything much would change, plunged to new lows. The success or failure of Ford's presidency will be judged largely by whether in the months ahead he can produce a different kind of economic news...
...required to reduce the labor militancy that is producing a rash of strikes, and kiting wages up at an inflationary pace this year. A strong indication of labor's mood: the United Mine Workers, representing 110,000 members who dig 75% of the nation's soft coal, plans to shut down all unionized mines throughout this week. Officially, the closing is a five-day "memorial period," called by U.M.W. President Arnold Miller to commemorate the 100,000 coal miners killed on the job in this century. But Miller's intention is to give the nation a reminder...
...shutdown will cost the U.S. 10 million to 12 million tons of coal production. It thus will reduce stockpiles at a time when the nation's energy supplies are still only in precarious balance with demand, and coal prices are shooting up. Some "spot" (immediate-delivery) coal has sold lately for as much as $45 a ton, v. $8 a year ago. Coal stockpiles now stand at 23 days for steel mills, 92 days for utilities and 39 days for industry generally. All are on the low side. Shrinking stockpiles will put pressure on the coal-mine owners, with...
...U.M.W.'s unusual contract permits the "memorial" shutdown; in fact, it allows ten days for memorial closedowns during the life of the pact. Thus Miller can and probably will call another five-day "memorial" walkout in the middle of bargaining, and the nation could lose considerable coal output, even without an official strike. The coal industry's bargaining arm, the Bituminous Coal Operators Association, tried to talk the U.M.W. out of the shutdown, contending that it will cost miners and other employees $25 million in wages and $7 million in royalty payments to the union's welfare...