When the Port of Vancouver, Washington rejected a recent coal export proposal the Port’s operations manager, Mike Schiller, explained that the economic fundamentals of coal are bad.
“Coal is the most risky bulk mineral market,” is how Schiller put it.
To find out what he meant, I did a little digging into the US Department of Energy’s quarterly coal export figures, which are kept online for each customs district in the country as far back to 1995. Here’s what the last 15 years has looked like for the region that covers the whole of the West Coast:
It’s not exactly the picture of stability. There’s a tremendous amount of volatility from quarter to quarter—suddenly doubling or tripling in volume, only to come crashing down just as quickly. The long-term trend is hardly more comforting.
Let’s take a closer look at the individual customs districts within the Western region:

