“As a result of the $700m investment that I’m announcing today, we will protect 14 coal plants and 42 coalmines, a tremendous number, and build two new coal plants and one massive new export terminal,” Trump said.<\/p>\n
The president said $500m (\u00a3372m) of federal funds will go towards saving 14 existing coal plants and opening a new export terminal in California.<\/p>\n
The Department of Energy will grant a further $200m to build new coal plants in Alaska and West Virginia, the first new plants in the US since 2013.<\/p>\n
Trump said that the construction of a coal export terminal in Oakland, California will create more than 1,400 jobs, with the total package supporting around 14,000.<\/p>\n
The coal plants getting Trump’s investment are in Kentucky, North Carolina, Indiana, Tennessee, Arkansas, Arizona, Oklahoma, North Dakota, Wisconsin and West Virginia.<\/p>\n
The president argued that successful countries rely on coal before criticising what he called “failure countries” for investing in renewable energy sources such as wind power. <\/p>\n
Trump said his coal investment plans would save American consumers $50bn in new energy generation costs which otherwise would have been passed on in higher bills.<\/p>\n
The war with Iran and the closure of the Strait of Hormuz, a critical shipping route that carries around a fifth of global oil and gas supplies, have pushed energy prices higher, driving up costs for consumers. <\/p>\n
The average price of a gallon of petrol in the US stood at $4.24 on Thursday, according to the AAA motoring group. That is up from $2.98 on the day the US and Israel began striking Iran.<\/p>\n
According to the Bureau of Labor Statistics (BLS), overall energy prices for consumers rose by 17.9% in the year to April.<\/p>\n","protected":false},"excerpt":{"rendered":"“As a result of the $700m investment that I’m announcing today, we will protect 14 coal plants and…\n","protected":false},"author":2,"featured_media":621858,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[49,50,51,47,52,48],"class_list":["post-621857","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-headlines","tag-news","tag-top-news","tag-top-stories","tag-topnews","tag-topstories"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/621857","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=621857"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/621857\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/621858"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=621857"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=621857"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=621857"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}