not enoughIt has now been one day after a disaster in West Virginia that killed twenty five mine workers and left four unaccounted for.. The company that owns the mine, Massey Energy, saw an 8% plunge tuesday in their stock. The explosion took place about 30 miles south of Charleston on Monday The Upper Big Branch Mine, one of 44 mines ran by Massey Energy sustained this disaster during a shift change Monday and was the worst mine catastrophe in over 2 decades. The reason was still unknown as of tuesday afternoon.Tuesday. Massey Energy has been fined previously as a result of violations at the Upper Big Branch and other mines operated by them."Massey has probably had more fines and other issues than it's competitors," said David Lipschitz. He is a senior analyst at Credit Agricole Securities. In the past 12 years there have been 3three other deaths at this same mine and it has been cited for other violations.Proposed penalties against Upper Big Branch Mine were just short of $1 million last year. That's more than three times any other year on record.More than three times any other year.Among these were penalties for escape routes for miners and air quality ventilation. Massey Energy paid $4.2 million in penalties after a fire at the Aracoma Alma Mine in Logan County. This was the biggest settlement in industry history and was because of safety violations including not enough water supply to the fire hoses. That fire occured in 2006. This mining disaster could possibly add fuel to an already hostile political climate in Washington. The top two feds that regulate mining safety once worked for unions and Massey Energy has historically taken a solid anti union position.This could target Massey for more scrutinizing without attacking the entire mining industry. Massey Energy has also had enviromental penalties including $20 million in fines for Clean Water Act violations in West Virginia and Kentucky. The hugest penalty in the EPA's history levied against a corporation for wastewater discharge permit violations. This occured in January 2008. Some amounts of metals, sediment, and acid drainage into waters of West Virginia and Kentucky were at levels ten times over the allowed according to the EPA. Disasters like these could possibly foster the political controversy for and against renewable energy. With more Green energy products continuously coming on the market there are hopes that these kinds of disasters will one day be a thing of the past.happen much less often. There are many places to get information on green renewable energy. Some even offerprovide do it yourself instruction if you are on a fixed budget. Spend some time to see what Green energy products are available.
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It is now one day after an explosion in West Virginia that killed 25 mine workers and left 4 missing. The company that owns the mine, Massey Energy, saw an 8% plunge tuesday in their stock.
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