US Oil, Gold Projects Are Among Hundreds Up for Trump Fast-Track Review
(Bloomberg) -- A disputed tunnel in Michigan for an Enbridge Inc. oil pipeline is among hundreds of energy and mining projects the US Army Corps of Engineers has identified for emergency fast-track reviews after President Donald Trump's executive order.
Trump to Halt NY Congestion Pricing by Terminating Approval
Sorry, Kids: Disney's New York Headquarters Is for Grown-Ups
Why Barcelona Bought the Building That Symbolizes Its Housing Crisis
Child Migrant Watchdog Gutted in DOGE Cuts
Por qué Barcelona compró el edificio que simboliza su crisis inmobiliaria
The list also includes permits for a Venture Global Inc. liquefied natural gas export terminal, a gas-fired power plant proposed in Texas by Entergy Corp., and a Perpetua Resources Corp. gold mine in Idaho. They're among the 800-plus applications listed in a new 'emergency permits' category quietly posted on the Corps' website in recent days.
The Corps list follows Trump's executive order declaring an energy emergency and ordering the agency to identify projects that 'may be subject to emergency treatment.' The Corps is responsible for conducting wetlands and waterway environmental impact assessments under the Clean Water Act that can take months or longer.
'The Trump Administration appears to be gearing up to use false claims of an 'energy emergency' to fast-track and rubber-stamp federal approvals for projects across the country that will be destructive to America's wetlands, waterways, and communities,' said David Bookbinder, director of law and policy at the Environmental Integrity Project. 'This end-run around the normal environmental review process is not only harmful for our waters, but is illegal under the Corps' own emergency permitting regulations.'
The Corps didn't immediately respond to an email seeking comment.
Also on the list are high-voltage transmission line projects such the 175-mile (282-kilometer) Clean Path line in New York, dozens of solar farms and gas pipelines.
The Enbridge tunnel would house the company's Line 5 oil pipeline, which transports up to 540,000 barrels of crude oil and natural gas liquids a day across Lake Michigan and Lake Huron.
Enbridge has been enmeshed in multiple court battles over Line 5, a crucial conduit for delivering oil from Western Canada to refineries in the US Midwest as well as in Ontario and Quebec. In addition to a dispute with the indigenous community in Wisconsin, the company is fighting an order by Michigan Governor Gretchen Whitmer to shut the pipeline due to environmental risks.
The Institute for Energy Research and the Mackinac Center for Public Policy urged Secretary of Defense Pete Hegseth to approve the project on national security grounds, arguing in a letter Wednesday that the environmental review for the tunnel had been going on for nearly four years.
'The completion of the Line 5 Tunnel will not only protect the Great Lakes but will also ensure the continued flow of essential energy resources to millions of people across the region,' Tom Pyle, the president of the Institute for Energy Research, a Washington-based free-market nonprofit group, said in a statement.
Environmental groups, meanwhile, said fast-tracking the project on emergency grounds would be a hazardous end-run around an established regulatory process.
'Rushing a risky pipeline project under the guise of an emergency would be dangerous and irresponsible,' said Beth Wallace, climate and energy director for the National Wildlife Federation.
The open-pit mine proposed by Perpetua in rural Idaho has an estimated 4.8 million ounces of gold reserves and a reserve of 148 million pounds of antimony — a byproduct of gold production that is essential for national defense, the company has said.
Its Stibnite Gold Project received approval from the US Forest Service during the Biden administration, but still needs to obtain a key water permit from the Corps. It has faced objections from the Nez Perce Tribe as well as from conservationists concerned about water pollution. A representative of the company didn't immediately respond to a request for comment.
(Updates with more details throughout.)
How Med Spas Conquered America
Before DeepSeek Blew Up, Chatbot Arena Announced Its Arrival
The Startup That Stepped In When the Baby Formula Supply Chain Broke
The Undocumented Workers Who Helped Build Elon Musk's Texas Gigafactory
The Unicorn Boom Is Over, and Startups Are Getting Desperate
©2025 Bloomberg L.P.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
10 minutes ago
- Yahoo
3 Reasons GIS is Risky and 1 Stock to Buy Instead
Over the last six months, General Mills's shares have sunk to $54.81, producing a disappointing 17.1% loss while the S&P 500 was flat. This was partly due to its softer quarterly results and may have investors wondering how to approach the situation. Is now the time to buy General Mills, or should you be careful about including it in your portfolio? Get the full breakdown from our expert analysts, it's free. Even with the cheaper entry price, we're sitting this one out for now. Here are three reasons why there are better opportunities than GIS and a stock we'd rather own. Revenue growth can be broken down into changes in price and volume (the number of units sold). While both are important, volume is the lifeblood of a successful staples business as there's a ceiling to what consumers will pay for everyday goods; they can always trade down to non-branded products if the branded versions are too expensive. General Mills's average quarterly sales volumes have shrunk by 1.6% over the last two years. This decrease isn't ideal because the quantity demanded for consumer staples products is typically stable. When analyzing revenue growth, we care most about organic revenue growth. This metric captures a business's performance excluding one-time events such as mergers, acquisitions, and divestitures as well as foreign currency fluctuations. The demand for General Mills's products has barely risen over the last eight quarters. On average, the company's organic sales have been flat. Forecasted revenues by Wall Street analysts signal a company's potential. Predictions may not always be accurate, but accelerating growth typically boosts valuation multiples and stock prices while slowing growth does the opposite. Over the next 12 months, sell-side analysts expect General Mills's revenue to drop by 4.3%, a decrease from This projection is underwhelming and indicates its products will face some demand challenges. General Mills isn't a terrible business, but it isn't one of our picks. Following the recent decline, the stock trades at 12.9× forward P/E (or $54.81 per share). While this valuation is reasonable, we don't really see a big opportunity at the moment. We're fairly confident there are better stocks to buy right now. We'd suggest looking at one of our top software and edge computing picks. Market indices reached historic highs following Donald Trump's presidential victory in November 2024, but the outlook for 2025 is clouded by new trade policies that could impact business confidence and growth. While this has caused many investors to adopt a "fearful" wait-and-see approach, we're leaning into our best ideas that can grow regardless of the political or macroeconomic climate. Take advantage of Mr. Market by checking out our Top 9 Market-Beating Stocks. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025). Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,754% five-year return). Find your next big winner with StockStory today. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
12 minutes ago
- Yahoo
Where Could Air Canada Stock Be in 5 Years?
Written by Andrew Button at The Motley Fool Canada Air Canada (TSX:AC) stock has been taking a beating in recent years. In 2020, in the early months of the COVID-19 pandemic, the stock fell all the way from $54 to $12, as the travel restrictions in that period caused the company's revenue to decline 80%. The company's stock later rallied when the first COVID vaccine was announced, but subsequently gave up the gains for reasons that are less clear. Today, Air Canada is in a much better place than it was in 2020. It's profitable. It has repaid much of its debt. Its revenue has recovered to its pre-COVID level and then some. Nevertheless, at around $19, AC stock is still nowhere near its pre-COVID stock price. What's going on here? There are a few lingering issues for Air Canada that have investors worrying about the stock, even though the underlying company is in a much better place than it was before the crash. The question is, why the apparent discrepancy? In this article, I will explore the reasons why Air Canada stock is still at a relatively low level and why I think it will be at a higher one in five years' time. One reason why some investors are concerned about Air Canada is because of the large amounts of capital expenditures (CAPEX) the company is undertaking in the next three years. CAPEX refers to spending on fixed assets like property, plant and equipment. In the case of an airline, it mainly refers to spending on new aircraft. Air Canada expects $3.4 billion in CAPEX in 2025, $4.3 billion in 2026, and $4.9 billion in 2027. After 2027, the CAPEX spend is expected to decline. The amounts of CAPEX above are fairly large. Notably, they exceed the company's past amounts of free cash flow, seeming to imply that Air Canada will be cash flow negative in the years ahead. Is this CAPEX such a big risk for Air Canada? In my opinion, no. Airplanes tend to be in service for decades, meaning that a lot of CAPEX now does not mean a lot of CAPEX in the future. Also, Air Canada's revenue has far surpassed levels seen in past years, so unprecedented CAPEX does not necessarily mean chronic cash burn. Overall, I don't think Air Canada's CAPEX is going to ruin the company. Another reason why people are concerned about Air Canada is because of Donald Trump's trade wars. Earlier this year, Trump slapped a 25% tariff on Canada, ostensibly to counter the flow of fentanyl into the United States. In response, many Canadians pledged to cancel vacations to the United States. Later, data collection firms reported that Canada-U.S. air travel did decline — one story claimed by as much as 70%. Air Canada said that it saw an impact but denied that its U.S. travel hours went down by 70%. Again, this strikes me as not that big of a risk. Canadians are most likely replacing U.S. travel with inter-provincial travel and overseas travel. Air Canada's most recent earnings release confirms this: revenue was stable year-over-year, and free cash flow was positive. On the whole, Air Canada looks like a bargain at 8.8 times earnings and 1.6 times operating cash flow. I think it will be worth more in five years' time than it is today. The post Where Could Air Canada Stock Be in 5 Years? appeared first on The Motley Fool Canada. More reading Made in Canada: 5 Homegrown Stocks Ready for the 'Buy Local' Revolution [PREMIUM PICKS] Market Volatility Toolkit Best Canadian Stocks to Buy in 2025 Beginner Investors: 4 Top Canadian Stocks to Buy for 2025 5 Years From Now, You'll Probably Wish You Grabbed These Stocks Subscribe to Motley Fool Canada on YouTube Fool contributor Andrew Button has positions in Air Canada. The Motley Fool recommends Air Canada. The Motley Fool has a disclosure policy. 2025
Yahoo
13 minutes ago
- Yahoo
Longtime Dividend Giant Announces Hike
National Fuel Gas Company (NYSE:NFG) is one of the best stocks for a retirement stock portfolio. On June 12, the company declared a 3.9% hike in its quarterly dividend to $0.535 per share. Through this increase, the company stretched its dividend growth streak to 55 years. In addition to this strong dividend growth, National Fuel Gas Company (NYSE:NFG) has also paid regular dividends to shareholders for 123 years in a row. A large oil and gas production plant with pipelines leading to tanker truck and storage tanks. The company's steady dividend growth is largely due to its solid cash reserves. In the latest quarter, it generated $473.8 million in operating cash flow, while its levered free cash flow over the past twelve months totaled $50.3 million. National Fuel Gas Company (NYSE:NFG) offers a dividend yield of 2.54%, as of June 13, and it will trade ex-dividend on June 30. The stock has surged by over 37% since the start of 2025. National Fuel Gas Company (NYSE:NFG) is a diversified energy firm with a fully integrated portfolio of natural gas and oil operations. Its business is divided into four key segments: Exploration and Production, Pipeline and Storage, Gathering, and Utility. While we acknowledge the potential of NFG as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and Disclosure. None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
