Trump declares oil production and refining essential to national defense
President Donald Trump has determined that oil production, refining and related activities are essential to national defense, invoking a law dating back to the Cold War era. RT Arabic reported that the move is aimed at supporting the sector.
Why it matters
The United States is among the world's largest oil producers, so measures backing its oil sector can affect global crude supply and prices. Gulf producers follow such developments closely because of their bearing on market balances that shape their revenues.
Background
The United States is one of the world's largest oil producers, and its oil and refining sector is tied to the wider economy and to energy supply security. Some older American laws allow the president to issue determinations linking particular industries to national defense.
This is a brief summary. The full details and context are in the original coverage.
Read the full story at روسيا اليوم (RT Arabic)In this story:United States
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