Trump announces up to $150 million for refining capacity

President Donald Trump announced that his administration will use the Defense Production Act to provide up to $150 million for projects intended to expand U.S. refining capacity and increase production of diesel and gasoline. He made the announcement Thursday at a rally in Sioux City, Iowa, and a presidential memorandum set out the action under the 1950 law. The Department of Energy said the money will come from $1 billion Congress had appropriated for energy projects considered critical to national security. The department said the funding could support petroleum production, storage and logistics at refineries around the country, and is expected to increase U.S. refining output by millions of gallons per day. The administration has not announced which projects or companies will receive funding or how the up-to-$150 million will be divided. The Energy Department said project selection was ongoing and recipients would be announced in the near future. The sources did not give a timetable for added refining capacity to come online. The memorandum, as described in the reporting, directs the War Secretary to use Defense Production Act authorities to expand domestic petroleum...