Trump Invokes the Defense Production Act of 1950 to Boost U.S. Oil Production

U.S. President Trump signed a memorandum on October 22 invoking the Defense Production Act of 1950 to expand domestic oil production, refining, and logistics infrastructure to safeguard defense energy supplies. The act allows the president to incentivize domestic production of critical materials through direct procurement, loan guarantees, and other means; Trump also waived routine statutory requirements under the act. Brent crude has now risen above $113 per barrel, with the average U.S. regular gasoline price at $4.27 per gallon and diesel at $6.30 per gallon.