Trump invokes Cold War-era Defence Production Act to boost oil production and refining

🇺🇸 South China Morning Post (US) —
Trump invokes Cold War-era Defence Production Act to boost oil production and refining

AI Summary

Donald Trump invoked provisions of the Defense Production Act to designate U.S. petroleum production, refining, and related activities as essential to national defense. The move could enable federal financial incentives for oil projects, pipelines, and fuel storage as crude and diesel prices rise amid the U.S.-Israel conflict with Iran.

US ⁠President Donald Trump determined ⁠on Thursday that petroleum ⁠production, refining and related activities are essential to national defence, a move that could open up US funding for fossil fuel projects. In a presidential memo, Trump also invoked part of ‌the Cold War-era Defence Production Act, allowing him to provide financial incentives for oil-related activities, pipelines and storage of liquid fuels. Prices for crude oil and diesel have surged since the US and Israel attacked Iran in...

World Security Conflict Politics Markets Commodities Energy Shipping Defense Production Act oil production refining pipelines fuel storage crude prices Iran conflict

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