US President Donald Trump on Tuesday said the United States will get its first new oil refinery in 50 years, a $300 billion project supported by investment from Reliance Industries.
In a post on Truth Social, Trump said the refinery would be built at the Port of Brownsville and described the project as a major step towards restoring American energy dominance.
“America is returning to real energy dominance. America First Refining is opening the first new US oil refinery in 50 years in Brownsville, Texas. This is a historic $300 billion deal — the biggest in US history,” Trump said.
“Thank you to our partners in India, and their largest privately held Energy Company, Reliance, for this tremendous investment,” he added.
Reliance Industries has not issued any public statement on the announcement so far. Shares of the company were trading lower in early trade on Wednesday following the development.
The US administration expects the refinery to fuel domestic markets, boost energy production and strengthen national security, while generating significant economic activity in the region.
Trump added that the project would deliver billions of dollars in economic impact, power global exports and create thousands of jobs in South Texas. He also described the facility as the cleanest refinery in the world, adding that regulatory streamlining and tax reforms under the administration had helped attract large investments into the US energy sector.
The announcement comes at a time when global energy markets are facing heightened volatility due to the escalating conflict in West Asia, which has disrupted supply routes and pushed oil prices higher.
The tensions intensified following the killing of Ali Khamenei in joint military strikes by the United States and Israel in February, triggering retaliatory attacks by Iran on US and Israeli assets in several Gulf countries.
The conflict has also disrupted shipping in the Strait of Hormuz, one of the world’s most critical energy chokepoints through which around 20 per cent of global oil supplies typically pass.
Meanwhile, the White House sought to reassure consumers over rising fuel prices. During a press briefing, White House Press Secretary Karoline Leavitt said the recent increase in oil and gas prices was likely to be temporary.
She said that once the national security objectives of Operation Epic Fury are achieved, oil and gas prices could decline significantly, potentially falling below levels seen before the operation began.
Officials said the new refinery project could help strengthen US energy security and reduce dependence on imported refined fuels, particularly amid geopolitical disruptions affecting global supply chains.
