President Donald Trump determined on Thursday that petroleum production, refining, and related activities are essential to national defense, a move that could open up U.S. 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. Prices for crude oil and diesel have surged since the U.S. and Israel attacked Iran in joint action at the end of February. Since then, the conflict has limited energy shipments globally, with Ukrainian attacks on Russian refineries exacerbating the fuel shortages. The surge in costs poses a risk for Trump in the Nov.
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