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The Economic Times

National

Trump invokes Cold War-era Defense Production Act for oil production, refining

Donald Trump Oil United States Petroleum

WASHINGTON - US President Donald Trump determined on Thursday that petroleum production, refining, and related activities are essential to national defense, a move that could open up US funding for fossil fuel projects.

In a presidential memo, Trump also invoked part of the Cold War-era Defense Production Act, allowing him to provide financial incentives for oil-related activities, pipelines and storage of liquid fuels.

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