Commodities
White House Eyes Defense Production Act to Boost US Oil Refining Capacity
The White House is considering using the Defense Production Act to expand U.S. oil refining capacity in response to surging fuel prices and global crude supply disruptions.
The proposal came up during a meeting between President Donald Trump and nearly a dozen U.S. refiners, where White House officials sought to determine how federal support could best be used to add capacity.
Refining executives told officials that federal money would be better directed toward making refineries more efficient or expanding existing plants rather than financing an entirely new refinery, which would be considerably more costly and take years to complete.