29 Jun '12, 9pm

The US Gov. Just Sold 721 Million Tons of Coal for Literally Cheaper than Dirt

The US Gov. Just Sold 721 Million Tons of Coal for Literally Cheaper than Dirt

It's cheap, cheap! Photo: jpmueller99 via Flickr /CC BY 2.0 Dirt has long held the distinction of upholding the very standard of worthlessness. It is enshrined in our vernacular as such: When something, say, Herman Cain 2012 campaign memorabilia, is said to be "cheaper than dirt," that thing is being hyperbolically referred to as available at a surprisingly low cost. It is almost never actually cheaper than dirt. But coal is. At least, if you buy it from the United States government, and mine it on public land. You see, the Bureau of Land Management just held a giant coal "auction" for 721 million tons of coal that was for all intents and purposes a sham—the only bidder was Peabody, a company that also had the privilege of setting the price it wanted to pay. Peabody decided that it wanted to pay $1.10 per ton, and the BLM said, "You got it, buddy." That, NRDC senior climat...

Full article: http://www.treehugger.com/environmental-policy/us-gov-jus...

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Dear US taxpayers: do you know you just sold 721 million tons of coal to Peabody Energy at $1.10/ton?

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