U.S. President Donald Trump revealed on Tuesday that the nation is launching its first domestic oil refinery in 50 years, marking a significant development in the energy sector.
In a recent post on Truth Social, Trump stated that the facility will be situated in Brownsville, Texas, and will be funded through a $300 billion investment agreement with Reliance, an Indian multinational energy corporation.
"THIS IS A HISTORIC $300 BILLION DOLLAR DEAL — THE BIGGEST IN U.S. HISTORY, A MASSIVE WIN for American Workers, Energy, and the GREAT People of South Texas!" Trump wrote on the platform.
He emphasized that the initiative is a result of the administration's America First policy, which has facilitated streamlined permitting processes and tax reductions, drawing substantial investment back to the country. "A new Refinery at the Port of Brownsville, will fuel U.S. Markets, strengthen our National Security, boost American Energy production, deliver Billions of Dollars in Economic impact, and will be THE CLEANEST REFINERY IN THE WORLD," he added.
This announcement coincided with rising energy prices following the Trump administration's conflict with Iran, which pushed crude oil prices to nearly $120 per barrel over the weekend. However, the situation appeared to stabilize after Trump declared the conflict effectively concluded.
According to AAA, the national average gasoline price stood at $3.54 per gallon on Tuesday, representing a $0.40 increase from the previous week.