Trump Announces $150 Million for U.S. Oil Capacity

President Donald Trump invoked the Cold War-era Defense Production Act on Oct. 22, announcing $150 million to expand U.S. refining capacity and support petroleum production, pipelines and fuel storage. The measure authorizes federal purchases, commitments and financial support for oil infrastructure, but the administration has not identified specific projects or said how much additional fuel it could produce. Trump said stronger domestic capacity was needed for national defense and would increase gasoline and diesel supplies amid surging energy prices. The administration cited financing constraints, permitting delays and infrastructure and supply-chain bottlenecks, as the U.S.-Israeli war with Iran disrupted global shipments and Ukrainian attacks hit Russian refineries. Higher fuel costs are also straining farmers and pose a political risk for Republicans ahead of the Nov. 3 midterm elections.