Conflict · Military
Trump invokes Cold War-era Defence Production Act to boost oil production and refining
Reuters · South China Morning Post
Published 23 Oct 2026, 9:21 am·1 h ago·1 min read
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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...
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