Water, oil and coal emulsions offer an energy-economic compromise - a relatively convenient, inexpensive way to achieve at least a partial conversion back to coal with off-the-shelf hardware modification and without installing new boilers. The costs of development of this alternative technology may be only 5% of the cost of developing the high technology synthetic fuels. The simplicity of the process lends itself to small-scale development, to decentralization of production and utilization of existing coal production and distribution systems; and to further coal cleaning techniques for still better results. Combustion efficiencies promise at least some gains in environmental strategies, including some that would reduce carcogenic effects. They also offer better energy balances than do some other conversion alternatives.