World using more coal, but that doesn't mean a U.S. boom

"An energy-starved world is turning to coal as natural-gas and oil shortages exacerbated by Russia’s war against Ukraine lead countries back to the dirtiest fossil fuel," report Jenny Strasburg and Phred Dvorak of The Wall Street Journal. "From the U.S. to Europe to China, many of the world’s largest economies are increasing short-term coal purchases to ensure sufficient supplies of electricity, despite prior pledges by many countries to reduce their coal consumption to combat climate change. The global competition for coal—also now in short supply after years of declining investment in new mines and resources—has driven benchmark prices to new records this year."

But that doesn't necessarily mean restoration of coal jobs lost in the U.S. Other nations aren't signing long-term contracts with coal producers, unlike those who supply natural gas, which is increasingly being shipped overseas in liquid form, the Journal reports: "The kind of coal production most easily scaled up is lower-quality coal, generally mined close to the surface, that is less efficient and can satisfy only a fraction of Europe’s coal-import needs, said Natalie Biggs, head of thermal-coal market analysis at energy consulting firm Wood Mackenzie."

U.S. coal production "can only increase so much without pouring significantly more money into" mines to expand them, said Chris Walker of  Peabody Energy Corp., "who until last year led the company’s international marketing and trading operation." However, "Parts of the U.S. are boosting use of coal power, as high demand for electricity amid unusually hot temperatures pushes regional power grids to the brink of blackouts this summer."