Washington DC [US], March 11: US President Donald Trump on Tuesday (local time) announced the opening of a new oil refinery in 50 years with investment help from India's Reliance Industries Ltd.
Trump announces refinery project in Texas
In a post on Truth Social, Trump said that the new refinery would fuel American markets and strengthen national security, along with boosting energy production.
"America is returning to REAL ENERGY DOMINANCE! Today I am proud to announce that America First Refining is opening the FIRST new U.S. Oil Refinery in 50 YEARS in Brownsville, Texas. THIS IS A HISTORIC $300 BILLION DOLLAR DEAL -- THE BIGGEST IN U.S. HISTORY, A MASSIVE WIN for American Workers, Energy, and the GREAT People of South Texas! Thank you to our partners in India, and their largest privately held Energy Company, Reliance, for this tremendous investment," he said.
Economic impact and job creation
Trump added that the new refinery would deliver billions of dollars in economic impact and create thousands of jobs in the region.
"It is because of our America First Agenda, streamlining permits, and lowering taxes, that have attracted billions of dollars in deals coming back to our nation. A new refinery at the Port of Brownsville will fuel U.S. markets, strengthen our national security, boost American energy production, deliver billions of dollars in economic impact, and will be THE CLEANEST REFINERY IN THE WORLD. It will power global exports and bring THOUSANDS of long overdue jobs and growth to a region that deserves it. This is what AMERICAN ENERGY DOMINANCE looks like. AMERICA FIRST, ALWAYS!" he said.
Energy markets affected by West Asia conflict
This comes amid the West Asia conflict, which has expanded beyond Iran, with Iranian retaliatory strikes—using missiles and drones—targeting US military bases, embassies, and civilian and energy infrastructure in neighbouring Gulf nations, including the UAE, Saudi Arabia, Qatar, Kuwait, Bahrain and Jordan.
The conflict has caused significant disruptions to global energy supplies, particularly around the Strait of Hormuz, where approximately 20% of the world's oil transits.
White House says fuel prices may fall
Meanwhile, on Tuesday, during a press briefing, White House Press Secretary Karoline Leavitt said that oil and gas prices would soon come down, potentially even lower than they were before the start of 'Operation Epic Fury'.
Leavitt told the media, "Rest assured to the American people, the recent increase in oil and gas prices is temporary and this operation will result in lower gas prices in the long term. Once the national security objectives of Operation Epic Fury are fully achieved, Americans will see oil and gas prices drop rapidly, potentially even lower than they were prior to the start of the operation. We will live in a world where Iran can no longer threaten the United States or our allies with a nuclear bomb."
Strategic importance of Strait of Hormuz
The Strait of Hormuz is one of the world's most critical shipping routes, through which a significant portion of global oil and gas supplies passes.
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The conflict in the region, following the killing of 86-year-old Iran's Supreme Leader, Ayatollah Ali Khamenei, in joint military strikes by the US and Israel on February 28, after which Iran, in retaliation, targeted Israeli and US assets in several Gulf countries, has disrupted the waterway and affected international energy markets and global economic stability.
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