President Donald Trump has announced that he will invoke the Defense Production Act to bolster domestic oil refining capabilities. The move aims to increase the supply of gasoline and diesel, thereby putting downward pressure on record-high fuel prices.
What happened
Trump made the announcement at a campaign rally in Sioux City, Iowa, where he told supporters that his administration would release $150 million to increase American refining capacity. The president's decision is intended to help farmers in the state who have been affected by high diesel prices, partly due to the Iran and Russia-Ukraine wars.
Trump also reiterated his support for farmers, citing his decision to lift taxes on red-dye diesel and his deal with Russia to import diesel fuel. Additionally, he expressed his backing for Republican Senate candidate Rep. Ashley Hinson, who is running to replace retiring Sen. Joni Ernst.
The president's announcement is part of his efforts to shore up support for down-ticket Republicans ahead of the election on November 3. Trump has been highlighting his administration's economic wins, including record-high income levels, low poverty rates, and a booming stock market.
