Delek US

Trump just invoked the Defense Production Act for oil

A presidential memo signed Thursday declares US petroleum production, refining, pipelines, storage and marine terminals "essential to the national defense," per the White House

It directs the Secretary of War to make purchases, commitments and financial support to expand that capacity, and waives the usual DPA requirements

That replaces an April 20 order that had put the Energy Secretary in charge

Brent crude is near $112.87, up 3.7% today and about 56% above its $72.48 close before the US-Israel strikes on Iran in late February, per Yahoo Finance data

Last week Vance said the DPA would be used to expand a $Delek US(DK.US) refinery in Texas, and Congress set aside $1 billion in DPA money for energy projects last year, per Reuters

The midterms are 12 days away, and only 36% of Americans approve of Trump's handling of the economy in the latest Reuters/Ipsos poll

Handing oil to the Pentagon shows Washington now treats fuel as a wartime supply problem, not a market one. But new wells, pipelines and refinery capacity take years to build, so this does little for $113 Brent before Nov 3

Source: StockMarket.News