Get the latest market trends in your inbox

Stay on top of the latest market trends and economic insights with the Axios Markets newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa-St. Petersburg news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Ponds of coal bed methane water cover in the Powder River Basin near Gillette, Wyoming, 2007. Photo: RJ Sangosti/The Denver Post via Getty Images

The coal mining industry in the top coal-producing region of the U.S. is struggling despite President Trump's efforts to prop up the coal industry nationwide, according to AP.

Why it matters: Many coal producers in the Powder River Basin in northeastern Wyoming and southeastern Montana are filing for bankruptcy or consolidating as U.S. coal production has slid 30% since peaking in 2008 and small rural communities across the nation face economic uncertainty.

Context: 3 of 9 coal producers in the Powder River Basin have filed for bankruptcy since March, while 2 others said they would merge.

  • Blackjewel, the owner of several mines across the country, in July dismissed most employees and shut down the Eagle Butte and Belle Ayr mines, two of the highest-producing mines in the country. Negotiations to reopen the mines have stagnated.
  • Coal has buoyed the communities in the region and Wyoming's and Montana's state budgets for decades, but power companies are phasing out coal-fired power plants and switching to cheaper natural gas furnaces and solar and wind generators amid global concern about climate change.

By the numbers: About half of U.S. electricity came from coal-fired plants a decade ago, but coal now comprises only 30%.

  • Yes, but: The Powder River Basin still has a lot of recoverable coal left, and carbon-capturing technology installed in coal-fired power plants could make coal a viable option.

The bottom line: Carbon-capturing tech is still in its infancy, and experts say retrofitting power plants with the technology will be expensive.

Go deeper: The past and potential of replacing coal-fired power, heating with gas

Go deeper

Democrat Mark Kelly sworn in to U.S. Senate

Photo: Courtney Pedroza/Getty Images

Astronaut Mark Kelly (D) was sworn in to the U.S. Senate on Wednesday after defeating incumbent Sen. Martha McSally (R-Ariz.) last month for the seat once held by the late Sen. John McCain.

Why it matters: Kelly's swearing-in by Vice President Mike Pence narrows the Republican majority and moves the Senate balance to 52-48.

Senate Armed Services chair dismisses Trump threat to veto defense bill

Sen. Jim Inhofe. Photo: Anna Moneymaker/Pool/AFP via Getty Images

Sen. Jim Inhofe (R-Okla.), chair of the Senate Armed Services Committee, told reporters Wednesday that he plans to move ahead with a crucial defense-spending bill without provisions that would eliminate tech industry protections, defying a veto threat from President Trump.

Why it matters: Inhofe's public rebuke signals that the Senate could have enough Republican backing to override a potential veto from Trump, who has demanded that the $740 billion National Defense Authorization Act repeal Section 230 of the Communications Decency Act.

Scoop: Uber in talks to sell air taxi business to Joby

Illustration: Sarah Grillo/Axios

Uber is in advanced talks to sell its Uber Elevate unit to Joby Aviation, Axios has learned from multiple sources. A deal could be announced later this month.

Between the lines: Uber Elevate was formed to develop a network of self-driving air taxis, but to date has been most notable for its annual conference devoted to the nascent industry.