Washington DC (US) [United States], March 11 (HBTV): US President Donald Trump on Tuesday (local time) announced plans for the first new oil refinery to be built in the United States in 50 years, with investment support from India’s Reliance Industries Ltd.
In a post on Truth Social, Trump said the proposed refinery will be developed in Brownsville, Texas, and described the project as a major investment aimed at boosting energy production, strengthening national security, and supporting American markets.
‘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,’ Trump said.
He added that the refinery is expected to generate 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.
The announcement comes amid escalating tensions in West Asia, where conflict involving Iran has led to retaliatory strikes targeting US military bases, embassies, and energy infrastructure in several Gulf countries, including the UAE, Saudi Arabia, Qatar, Kuwait, Bahrain, and Jordan.
The situation has disrupted global energy supplies, particularly around the Strait of Hormuz, a critical maritime route through which approximately 20 percent of the world’s oil passes.
Meanwhile, White House Press Secretary Karoline Leavitt said during a press briefing on Tuesday that oil and gas prices are expected to decline in the long term following ongoing US military operations.
‘Rest assured to the American people, 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,’ Leavitt said.
The Strait of Hormuz remains one of the world’s most critical shipping routes for oil and gas supplies. Recent tensions in the region intensified following the killing of Iran’s Supreme Leader Ayatollah Ali Khamenei in joint military strikes by the United States and Israel on February 28, after which Iran carried out retaliatory attacks on Israeli and US assets in several Gulf countries, disrupting shipping and affecting global energy markets.
(ANI)