US announces policy changes for offshore mineral development
June 25 - U.S. President Donald Trump's administration on Wednesday announced policy changes it said would speed up the search and development of offshore critical minerals. US announces policy changes for offshore mineral development
The Bureau of Ocean Energy Management and the Bureau of Safety and Environmental Enforcement are updating policies across all stages of development to "reduce delays, improve coordination and provide greater certainty for industry", the U.S. Interior Department said in a statement.
WHY IT'S IMPORTANT
The move is a part of the Trump administration's goal of reshaping a critical mineral industry dominated by China, the top U.S. economic rival.
The policy update announced by the Interior Department follows an executive order by Trump in April aimed at boosting the deep-sea mining industry in an attempt to improve U.S. access to nickel, copper and other critical minerals used widely across the economy.
DETAILS
For early-stage exploration, BOEM will apply existing streamlined environmental reviews whenever appropriate, and it plans to extend the duration of early-stage exploration permits to five years from three, the Interior Department said.
The administration will minimize "unnecessary paperwork and compliance steps" to fast-track approvals for mapping, testing, and site development.
BOEM will also start identifying potential areas for development without first issuing a formal request for information or forming a joint task force with state and federal agencies to speed up the leasing process, the department said.
The U.S. Geological Survey will provide the bureaus with scientific data on critical mineral resources, as well as potential environmental impacts and hazards associated with seafloor development.
This article was generated from an automated news agency feed without modifications to text.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
an hour ago
- Mint
US yields ease as markets consider rate cut timing, tepid auction demand
(Writes throughout with auction results, analyst quote, context) NEW YORK, June 25 (Reuters) - Yields on benchmark U.S. Treasuries were slightly lower on Wednesday afternoon, as oil prices rose and markets assessed the timing of potential interest rate cuts. Yields on the longer-term Treasuries rose during the day, but receded in afternoon trading. The U.S. 10-year Treasury note's yield was down 0.6 basis point to 4.287%, and the 30-year bond yield was flat at 4.831% The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was down 1.1 basis point at 3.773%. Oil prices rose on Wednesday after sharp declines over the last days. Investors considered strong U.S. energy demand and assessed the stability of the truce in the Middle East. Federal Reserve Chair Jerome Powell told a U.S. Senate panel on Wednesday that tariff plans may well just cause a one-time jump in prices, but the risk it could cause more persistent inflation is large enough for the central bank to be careful in considering further rate cuts. Debate over the timing for the first rate cuts of the year has been growing since Fed officials appointed by President Donald Trump, such as Michelle Bowman and Christopher Waller, discussed the chance of rate cuts beginning as soon as July. "Our base case scenario is still the first rate cut of the year in September, but we are closely following the discussions among Fed officials ahead of the July meeting and Jackson Hole Conference," said Ed Acton, Citigroup's U.S. rates strategist. Several Fed officials are expected to speak publicly on Thursday, such as Federal Reserve Bank of Richmond President Thomas Barkin, Cleveland's Fed president Beth Hammack, board governor Michael Barr and Minneapolis' Fed president Neel Kashkari. CME's FedWatch tool shows markets project a 22% chance of the first rate cut at the July meeting and 90% chance of cuts in September. Markets will be looking for signs of deceleration that could skew the odds to more urgent timing. On Thursday, the Commerce Department will release the final estimate for first-quarter Gross Domestic Product. The Labor Department will also release initial unemployment claims. The most important data will come on Friday, with the Personal Consumption Expenditure price index for May, said Gennadiy Goldberg, head of U.S. rates strategy at TD Securities in New York. "Markets do not have now a lot of momentum in either direction right now, data may change that", he added. Trump said on Wednesday morning during a NATO meeting in the Netherlands he is already considering candidates to replace Powell next year when his term ends. The U.S. Treasury sold $70 billion in 5-year notes auction, with tepid demand and a 2.36 bid-to-cover ratio. Yields on the 5-year notes were flat in afternoon trading, at 3.842%. A closely watched part of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes, seen as an indicator of economic expectations, was at a positive 51.4 basis points. The breakeven rate on five-year U.S. Treasury Inflation-Protected Securities (TIPS) was last at 2.307% after closing at 2.3% on June 24. The U.S. dollar 5 years forward inflation-linked swap , seen by some as a better gauge of inflation expectations due to possible distortions caused by the Fed's quantitative easing, was last at 2.471%. (Reporting by Tatiana Bautzer, Editing by Nick Zieminski and Franklin Paul)
Mint
an hour ago
- Mint
Donald Trump slams Fed Chair Powell as ‘terrible,' hints at replacement: ‘I know three or four people'
US President Donald Trump escalated his criticism of Federal Reserve Chair Jerome Powell on Thursday (June 26), calling him 'terrible' and revealing he has several potential successors in mind. 'I know within three or four people who I'm going to pick,' Trump told reporters at The Hague on the sidelines of NATO summit, when asked if he is interviewing candidates to replace Powell. Though he previously said he would not fire Powell, Trump's repeated public attacks. According to Reuters, Trump's list of top contenders includes: Former Fed Governor Kevin Warsh National Economic Council head Kevin Hassett Current Fed Governor Christopher Waller Treasury Secretary Scott Bessent Hassett declined to answer directly, when asked Wednesday if he had discussed the potential replacement with Trump, saying, 'I think the President will choose the person that he likes, and it's not going to be Jay Powell.' Testifying before Congress on Wednesday (June 25), Chair Powell acknowledged that recent inflation readings had been more moderate than expected, but he warned that new tariffs could change that. 'Higher tariffs could push up inflation this summer,' Powell told a US Senate panel. While tariffs are often considered one-time price shocks, he noted, 'that is not a law of nature.' 'If it comes in quickly and it is over and done then yes, very likely it is a one-time thing,' Powell said. 'But it is a risk we feel. As the people who are supposed to keep stable prices, we need to manage that risk.' The Federal Reserve has kept its benchmark interest rate steady between 4.25% and 4.5% since December. While many still expect rate cuts later this year, Powell emphasised the importance of clarity on the inflation outlook before taking action. 'We should start to see this over the summer, in the June number and the July number,' he said. 'If we don't, we are perfectly open to the idea that the pass-through [of tariffs to consumers] will be less than we think — and if we do, that will matter for policy.' During back-to-back hearings in the House and Senate this week, Republican lawmakers pressed Powell on why he had not already moved to cut rates. Powell defended the Fed's caution, citing the uncertain inflation trajectory due to rising import taxes. 'The effects of tariffs could be large or small. It is just something you want to approach carefully,' Powell told senators.
Time of India
an hour ago
- Time of India
Trump Clashes With Spanish PM Sanchez Over NATO Defence Spending At Hague Summit
Tensions flared at the NATO Summit as U.S. President Donald Trump clashed with Spanish Prime Minister Pedro Sánchez in a heated exchange over defense spending. The confrontation erupted after Trump criticized Spain's 2.1% defense budget allocation, demanding stronger commitments from NATO allies. 'If Spain does not step up…,' Trump reportedly warned, sparking a sharp response from Sánchez, who defended his country's stance. The incident highlights growing divisions within NATO, with Trump's remarks fuelling debate over fair contributions to the alliance's defence goals.
