Coal prices dropped sharply Monday, with the futures of U.S. coal production dropping by nearly half.
The price of a barrel of oil rose to $85.15 from $75.83.
The cost of a gallon of gasoline rose by more than $1.
The global price of oil dropped by nearly a third.
U.K. and U.A.E. oil prices also fell.
Coal production in the U.N.’s Paris climate agreement reached earlier this month has fallen by about 80,000 tons since it was signed in December 2015.
That means the U, A.U. and A.W.T. coal mines have lost a total of 1.5 million tons, according to a report published Tuesday by the Unequal and Underpaid Coal Mines Research Institute.
But the report said the coal industry is benefiting from the deal.
“The recent drop in coal prices has been an excellent boon for coal mining companies and mining operators in the United States, Australia, India and China,” the report reads.
“These companies are benefiting from lower prices in both the short and long term.”
The report also says the U-40 mine in Montana and the UMW in Wyoming, which produce about one-third of U,A.W.’s coal, have seen their output increase.
It also notes that the UAW’s 1,400 employees in Wyoming have been making an average of $8.20 an hour since May, while they lost their jobs because of the CO2 restrictions.
The U.W.-led effort to reduce CO2 emissions has seen the closure of some UMW coal mines, including in Montana, and the closure, in some cases, of some other mines, such as the one in Wyoming.