President Donald Trump announced $700 million in federal taxpayer money to reinvigorate the domestic coal industry, which has been in decline for decades. The president is seeking to boost the struggling industry by steering funds toward coal-fired power plants and exports.
The funding is expected to keep existing coal plants open and will be used to build the first new plants in over a decade. These efforts are intended to revitalize coal operations across the country.
Additionally, the money will be used to construct an export terminal in California. This initiative comes as the Iran war drives up energy costs for Americans.