Trump announces $700m coal investment using wartime powers
Summary
President Donald Trump announced a $700 million investment to revive the US coal industry. He will use the Defense Production Act, a law that lets the president support key industries during emergencies, to fund the project and create new coal plants and export facilities.Key Facts
- The investment totals $700 million to support the coal industry.
- President Trump invoked the Defense Production Act to help finance the project.
- $500 million will be used to protect 14 existing coal plants and build a new export terminal in California.
- $200 million will fund two new coal plants in Alaska and West Virginia, the first new plants in the US since 2013.
- The new coal export terminal in Oakland, California, is expected to create more than 1,400 jobs.
- The total investment is expected to support around 14,000 jobs across several states.
- The coal plants receiving support are located in Kentucky, North Carolina, Indiana, Tennessee, Arkansas, Arizona, Oklahoma, North Dakota, Wisconsin, and West Virginia.
- Rising energy prices, partly due to the war with Iran and the closure of the Strait of Hormuz, prompted the need for this investment.
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