Leading coal stocks rallied on Tuesday amidst a broader market decline after President Donald Trump signed an executive order aimed at “reinvigorating America’s beautiful clean coal industry” according to a White House fact sheet.
What Happened: On Tuesday, Trump signed an executive order that directed the Chair of the National Energy Dominance Council to designate coal as a ‘mineral’ and accrue it with all the benefits that come with it.
The order ends the Jewell Moratorium that paused coal leasing on federal lands, while also directing relevant agencies to identify coal resources on federal lands, lifting red tape, barriers to mining, and prioritizing the industry. This is in sharp contrast to the prior administration, as Trump declared an end to the “war on beautiful, clean coal.”
Leading coal producers, Peabody Energy Corp (NYSE:BTU), Warrior Met Coal Inc (NYSE:Full story available on Benzinga.com
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