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

Summary

US President Donald Trump determined on Thursday that petroleum production, refining and related activities are essential to national defence. The move could open US funding for fossil fuel projects. In a presidential memo, Trump also invoked part of the Cold War-era Defence Production Act, which would allow 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 February.

Timeline

1. South China Morning Post

   22 Oct 2026, 22:21 UTCSource ↗

   Reports that Trump determined on Thursday that petroleum production, refining and related activities are essential to national defence, a move that could open US funding for fossil fuel projects, and that his presidential memo invoked part of the Cold War-era Defence Production Act to provide financial incentives for oil-related activities, pipelines and storage of liquid fuels.

2. The Straits Times

   23 Oct 2026, 00:20 UTCSource ↗

   Reports that Trump invoked the Cold War-era Defense Production Act for oil production and refining, and that prices for crude oil and diesel have surged since the US and Israel attacked Iran in February.