Trump invokes Cold War-era Defense Production Act for oil production, refining - Reuters

President Donald Trump announced his intention to invoke the Cold War-era Defense Production Act to increase domestic oil production and refining capacity. Speaking at a campaign rally in Sioux City, Iowa, Trump stated that this action aims to bolster US fuel refining capabilities. The primary objective of utilizing this wartime production measure is to apply downward pressure on gasoline and diesel prices, which have reached record-high levels across the United States according to reports.