Amid the global oil supply disruptions, US President Donald Trump on Wednesday announced the opening of a new oil refinery in 50 years with investment help from India`s Reliance Industries Ltd.
While posting on social media platform Truth Social, Trump said that the new refinery would fuel American markets and strengthen national security, along with boosting energy production.
Donald Trump wrote, “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.”
The US President further added that the new refinery in the US would deliver billions of dollars in economic impact and create thousands of jobs in the region.
Trump added, “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!”
Iran`s retaliatory strikes raise concerns over global oil supply routes
As reported by news agency ANI, 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/energy infrastructure in neighbouring Gulf nations, including the UAE, Saudi Arabia, Qatar, Kuwait, Bahrain, and Jordan.
West Asia War conflict has caused significant disruptions to global energy supplies, particularly around the Strait of Hormuz, where approximately 20 per cent of the world`s oil transits.
Earlier, on Tuesday, during a press briefing, White House Press Secretary Karoline Leavitt said that the oil and gas prices would soon come down, potentially even lower than what they were before the start of `Operation Epic Fury.`
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, as per ANI.
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 its retaliation, targeted Israeli and US assets in several Gulf countries, has disrupted the waterway and affected international energy markets and global economic stability.
(With inputs from ANI)
