President Donald Trump said on Thursday he is directing ‌hundreds of millions of dollars to support U.S. coal power plants and to ship the carbon-intensive fuel to Asia, with most of the funding coming from Cold War-era emergency powers.

Coal stocks advanced Thursday, helped by news that President Donald Trump plans to provide about $700 million to the industry through a Korean War–era law that gives the federal government authority over sectors tied to national security.

Shares of Peabody Energy and other coal stocks advanced on Thursday ahead of an expected announcement from President Donald Trump that he will be funneling around $700 million to the sector.

Gordon says Wyoming's coal industry will benefit from keeping coal plants open and construction of a California port to access overseas markets.

The Trump administration is putting hundreds of millions of federal dollars toward coal, one of the president’s favorite energy sources. President Trump announced the move during Thursday remarks in the Oval Office,

Trump is using his wartime power to boost a dirty corner of the fossil fuel industry, and online commentators are scoffing at the deal. More than a dozen coal plants are expected to benefit from a $700 million plan with the help of the Defense Production Act,

WHAT’S HAPPENING TODAY: Good afternoon and happy Thursday, readers! President Donald Trump is carrying on his efforts to prop up the fossil fuel industry, announcing nearly $700 million in funding via the Defense Production Act and the Energy Department to support and boost coal-fired power plants and coal exports.