President Trump on Thursday said he will invoke Cold War-era emergency powers to direct a nearly $700-million investment into the waning coal industry, including $75 million for the construction of a new West Coast coal export terminal in Oakland.
Speaking from the White House, Trump said he will use the Defense Production Act, a 1950 law that grants the president emergency authority over domestic industries deemed critical to national security, to construct a new export terminal on the West Coast for the first time to move supplies overseas. He also announced the upgrading of 13 existing coal plants across the country, the construction of two new coal plants in Alaska and West Virginia, and restarting a shuttered coal plant in Maryland.
Read MoreSource: Los Angeles Times