coal on money

As if climate disruption, air pollution, health problems, and landscape destruction weren’t bad enough, here’s another reason to hate the coal industry: Coal companies are shortchanging U.S. taxpayers out of tens of millions of dollars they should be paying for the rights to mine federal land.

A new report [PDF] from the inspector general of the Interior Department reveals that the Bureau of Land Management routinely underestimates the value of coal, letting companies like Peabody and Arch Coal snap up federal mining rights for a song, often with little or no competition. More than 80 percent of coal leases up for auction in the past 20 years received only one bid, the report found.