$700 million for coal: Trump bets on bolstering US energy production

Donald Trump announced a $700 million investment to build and expand coal-fired power plants in ten states. The move is part of the Trump administration's energy strategy to strengthen domestic fossil fuel production, strengthen the local supply chain and lower energy prices for consumers.

Of the total investment amount, $425 million will go toward expanding and modernizing 13 coal-fired power plants located in 10 states: West Virginia, Kentucky, North Carolina, Indiana, Tennessee, Arkansas, Arizona, Oklahoma, North Dakota, and Wisconsin. The other $200 million will be used for Department of Energy grants to construct new facilities and reactivate existing plants.

Among the projects included in the plan is the construction of new coal plants in Alaska and West Virginia, which would be the first such plants built in the United States since 2013.

In addition, $75 million will be allocated to the construction of a new coal export terminal in Oakland, California, which will facilitate shipments of the mineral to international markets, especially in Asia.

As a White House official told CBS News, the plan is expected to create thousands of jobs and generate $50 billion in consumer savings on power generation costs.

The president made the announcement from the Oval Office, accompanied by Interior Secretary Doug Burgum, Energy Secretary Chris Wright and Environmental Protection Agency (EPA) Administrator Lee Zeldin. Also present were Republican governors Mark Gordon of Wyoming andPatrick Morrisey of West Virginia.

"Today, we're taking historic action to bring down the price of energy and the cost of living for all Americans with the power of clean, beautiful coal. If you look at China, if you look at so many of the successful countries, they're using coal. If you look at some of the real great failures, countries, they're using wind," Trump said.

"Our action will allow these facilities to invest in upgrades that will extend their operational lives for decades into the future, reinforce the reliability of our electric grid, which is really the biggest beneficiary, and most importantly, keep electricity prices very low for the American people," he added.

At the legal level, the White House will use the Defense Production Act, a law enacted in 1950 that gives presidents broad authority over industries deemed critical to national security.