At a rally in Sioux City, Iowa, on October 22, 2026, President Trump announced his intention to invoke the Defense Production Act to enhance domestic oil refining capacity, aiming to lower high diesel and gasoline prices. He stated that $150 million would be allocated for this initiative. Trump highlighted the challenges farmers face due to rising fuel costs and encouraged support for Republican candidates, particularly Rep. Ashley Hinson, in the upcoming elections.
Key facts
- Trump announced the use of the Defense Production Act on October 22, 2026.
- $150 million will be allocated to increase US refining capacity.
- High diesel prices have significantly affected farmers in Iowa.
- Trump emphasized the importance of voting for Republican candidates in the upcoming election.
- He cited economic successes, including record stock market levels and low poverty rates.
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