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Home›Global Markets›North America›Trump invokes Cold War-era Defence Production Act to b…

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

Reported · Written up by our desk · North America

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...

Latest closeWTI crude $103.44 ▲4.0%

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

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