President Trump's proposed budget for 2018 cuts Environmental Protection Agency funding 31%, or $2.6 billion, to $5.7 billion.
The administration's position is that the EPA serves a necessary function, but in the past it has enacted unnecessary federal regulations that "impose significant costs for workers and consumers without justifiable environmental benefits."
The budget calls for the elimination of 3,200 EPA jobs while discontinuing funding for the Clean Power Plan, international climate change programs, climate change research and partnership programs. The elimination of those programs are estimated to save $100 million.
Coal stocks were mixed Thursday morning. Arch Coal (ARCH - Get Report) was up 1.6%, BHP Billiton (BHP was up 0.3%, CONSOL Energy (CNX - Get Report) and Cloud Peak Energy (CLD - Get Report) were both down more than 2%.
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