Trump invokes Cold War law in move to boost energy supply
Summary
President Trump announced he will use a law from the Cold War era, called the Defense Production Act, to increase production of fuels and electricity in the U.S. This move aims to address rising gasoline and power prices amid global conflicts and supply problems.Key Facts
- President Trump signed memos to help the Energy Department use funds from a recent GOP budget law.
- The memos cover oil production, refining, coal power, natural gas pipelines, and more.
- The Defense Production Act gives presidents power to boost private industries important to national security.
- The memos state U.S. industry faces delays and financing problems that slow energy production.
- Possible actions include federal purchases and financial help for energy production projects.
- Projects to build natural gas turbines and electrical transformers, currently in short supply, could get support.
- Both President Trump and President Biden have used this Act in the past.
- The law’s goal is to strengthen energy supply and keep electricity reliable and affordable.
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