Ace Business Desk – President Trump invoked the Defense Production Act on Thursday night, announcing that the government would be spending $150 million toward boosting domestic gas and diesel production as the White House looks to ease consumer pain at the gas pump Associate Press reported
The announcement was made in a presidential memorandum Thursday, but the president detailed the exact amount of spending expected during a campaign rally in Sioux City, Iowa.
The Cold War-era law gives the president broad powers to increase production of resources within the U.S. for national defense purposes.
The Energy Department in a press release noted that the injection of cash was “expected to increase U.S. refining output by millions of gallons per day.”
Meanwhile, Trump’s memo, directed Defense Secretary Pete Hegseth to implement it, “including making necessary purchases, commitments, and financial instruments to enable” oil-related projects.
Read more here, from The Hill’s Caroline Vakil.
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