Shares of U.S. oil and gas companies spiked Wednesday after Donald Trump won the presidency, but the biggest winner seems to be the ailing coal industry. But stock in bankrupt Peabody Energy, the world’s largest privately owned coal company, skyrocketed over 47 percent. ConocoPhillips, a Houston-based oil giant specialized extracting gas from coal seams, climbed nearly 3 percent. Trump vowed in May to revitalize a coal industry that had all but collapsed amid a series of ill-timed bets on Chinese demand and competition from cheaper natural gas and renewable energy. Like Peabody, Arch Coal, Alpha Natural Resources and Patriot Coal have filed for bankruptcy in recent months.

Source: Huffington Post November 09, 2016 18:35 UTC