Trump turns to Cold War-era law to tackle fuel crisis

The US president’s push to curb energy prices ahead of the midterms follows his diesel deal with Russia US President Donald Trump has invoked a Cold War-era national security law to boost domestic oil production and refining, as rising fuel prices threaten the Republicans’ chances in November’s midterm elections. Speaking on Thursday at a Republican campaign rally in Iowa – an agricultural state where farmers have been hit hard by the oil crisis – Trump announced that his administration would use the Defense Production Act (DPA) to provide up to $150 million to expand American refining capacity and produce diesel and gasoline “at record levels. ” He also predicted that the Iran and Ukraine conflicts would end soon, sending gasoline and oil prices “tumbling down. ” Enacted in 1950, the DPA allows Washington to financially support industries deemed essential to national defense.

In a presidential memorandum, Trump designated domestic petroleum production, refineries, pipelines, and storage facilities as critical to national security, arguing that private companies could not expand capacity quickly enough without federal intervention. Trump waives ‘bone-crushing’ Russia sanctions Energy Secretary Chris Wright promised the funds would be deployed in cooperation with private companies, while the Department of Energy separately projected the initiative would increase refining output by millions of gallons of gasoline, diesel, jet fuel, and other products per day. Vice President J. D. Vance had earlier announced plans to invoke the law to expand a Delek-operated refinery in Tyler, Texas, although such projects typically take months, if not years, to complete. ‘Russian diesel for US friends’: Russians react to Trump-Putin deal (PROPAGANDA POSTERS) Trump’s announcement comes as…