‘War on Coal’ Barely Dented Already-Wounded Industry, Study Says

Some of the Obama administration’s most sweeping efforts to rein in the coal industry did little to push already-falling coal company stock prices, according to new research from the University of Pennsylvania.

The researchers examined publicly traded coal companies’ stock performance after 36 milestone dates during the Obama administration, such as the introduction or finalizing of rulemakings that the Trump administration has deemed harmful to the coal sector.

The researchers concluded “much if not most” of the coal sector’s woes stemmed from factors other than government regulation, most notably increased competition from cheap natural gas.

But the coal industry rejected ...