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Business

‘The island is second to none’: Trump says ‘massive’ oil, gas and mineral exploration set to begin in ‘our new and beautiful’ Greenland

Fortune ·
‘The island is second to none’: Trump says ‘massive’ oil, gas and mineral exploration set to begin in ‘our new and beautiful’ Greenland

U.S.

President Donald Trump said “massive” oil, gas and mineral exploration is set to begin in “our new and beautiful Greenland ” early Wednesday, though it wasn’t clear what developments he was referring to on an island where resource extraction has stymied companies for decades.

Despite Trump’s optimism, the harsh climate of Greenland — a self-governing territory of Denmark, rather than a part of the United States — as well as a lack of infrastructure have foiled all previous attempts to extract so-called rare earth minerals, as well as oil and gas.

No efforts have ever progressed beyond the exploratory stage.

Trump posted on his Truth Social platform following a campaign event Tuesday in Wasilla, Alaska , to stump for Republican U.S.

Sen.

Dan Sullivan as he seeks his third term to represent the state in an election against Democratic former U.S. congresswoman Mary Peltola.

Rising energy prices — a direct result of Trump’s war in Iran — are creating serious and sustained financial hardships for America’s working class ahead of the midterm elections next month.

Trump’s comments Wednesday are likely aimed at addressing voters’ concerns before they head to the polls.

A recent deal paved the way for more US bases but didn’t offer exploration rights Last month Trump signed an agreement with the leaders of Denmark and Greenland to strengthen security in the Arctic and North Atlantic, following months of tensions with NATO allies over the U.S. president’s repeated demands to take control of the semiautonomous Danish territory.

It does not grant the U.S. any special exploration rights, but does place some limits on investments by non-NATO countries in strategic sectors.

The deal also paved the way for more U.S. bases in Greenland and eased tensions over Trump’s repeated calls for Greenland to become part of the United States.

The agreement would still apply if Greenland eventually chooses independence.

Trump has expressed his desire to acquire Greenland since 2019 and, during his second term, issued threats to seize the territory from Denmark, a NATO ally.

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