Donald Trump plans to invest hundreds of millions of dollars to revive the US coal industry. “We are taking historic action to lower energy prices and the cost of living for all Americans through the power of clean, beautiful coal,” Trump said at the White House on Thursday.
This investment is the result of Trump's efforts to protect Americans from rising energy costs after the outbreak of the war with Iran, writes the BBC.
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Donald Trump is betting on coal
To fund this initiative, the US president invoked the Defense Production Act, a Cold War-era law that gives the president broad authority to support industries deemed critical to national security.
“As a result of the $700 million investment I am announcing today, we will protect 14 coal-fired power plants and 42 coal mines, which is a huge number, and we will build two new coal-fired power plants and one huge new export terminal“Trump said.
Trump announces investments worth $700 million. “Clean, beautiful coal”
Trump said $500 million. federal funds will be used to save 14 existing coal-fired power plants and open a new export terminal in California.
The Department of Energy will allocate another $200 million. to build new coal-fired power plants in Alaska and West Virginia, the first new power plants in the U.S. since 2013.
Trump said construction of a coal export terminal in Oakland, California, would create more than 1,400 jobs and the overall package would support about 14,000.
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Donald Trump “saves” Americans from the effects of the war with Iran
Trump said his coal investment plans would save American consumers $50 billion. on the costs of generating new energy that would otherwise be passed on to higher bills.
The war with Iran and the closure of the Strait of Hormuz, a key shipping route through which about one-fifth of the world's oil and gas supplies are transported, have led to higher energy prices, which in turn has raised costs for consumers.
An American household spent an average of $447.19. on additional fuel-related expenses since the beginning of the conflict in the Middle East, according to data from Moody's Analytics, cited by CNBC. This is the equivalent of over 1.6 thousand. zloty. In total, it cost American consumers almost $60 billion. due to the increase in gasoline and airline ticket prices.
