Trump invokes Cold War-era Defence Production Act to boost oil production and refining
The move comes as surging fuel prices pose a risk for the US president in the coming midterm elections
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 joint action at the end of February.
Since then, the conflict has limited energy shipments globally, with Ukrainian attacks on Russian refineries exacerbating the fuel shortages.
