Although coal has been around for millions of years, we only started to really take advantage of its incredible potential during the industrial revolution. After all, it took us many years to realise that the fossil fuel was able provide a reliable source of heat, power and energy. In fact, coal has also managed to have a positive impact on our economy thanks to a growing demand that doesn’t seem to be slowing down. Read on as we go over some of the economic benefits of coal…
The Trading of Coal
In some parts of the world, coal reserves are non-existent or are very poor in quality and this means that these countries will set up trading agreements in order to outsource their supplies. As a result, the mining country can see a big profit increase as countries like Japan, Indian and China rely on this trading supply in order to fuel their power plants and meet residential demands. In fact, this also means that those in charge are will to pay millions, if not billions, for the imports.
Coal Mining Creates Jobs
On the other hand, the actually mining process involved in coal extraction is also a profitable business too. After all, workers are required in the hundreds in order to carry out this tedious process and since it is considered a dangerous job, the pay is often much higher than minimum wage. As a result, workers can reap the benefits of job security whilst the government benefits economically from having more members of society in work.
Coal Has Improved Technology
Before coal was used regularly, our technological feats were non-existent. After all, we still relied on horses in order to transport goods and travel from place to place and gas lighting was still in its infancy which made mining difficult and dangerous. With this said, the reliability of coal power and high heat output gradually paved the way for the development of technological advancements like trains and the smelting process used during steel production.
When it comes to the burning of fossil fuels, many people tend to look at it from a one-sided point of view. After all, the heat benefits that come from burning bituminous coal inside the home also has an incredible benefit on the British economy as a growing demand for the fossil fuel means that miners will have job security. As the best coal merchants on the market, the team here at Pearson Fuels like to look at every avenue of our industry. Get in contact with a member of the team to find out more information today!