Trump Announces Historic $300 Billion Deal: America’s First New Oil Refinery in 50 Years Opens in Texas

Former President Donald Trump has announced the opening of America's first new oil refinery in half a century, framing the $300 billion project as a seismic shift toward "REAL ENERGY DOMINANCE." The facility in Brownsville, Texas—developed with Indian partners including energy giant Reliance—is positioned to boost U.S. production, supply domestic markets, support exports, and create thousands of jobs, while Trump directly tied the milestone to his tax and permitting policies.

White House tries to calm fears as oil prices jump

The refinery announcement came as the Trump administration tried to cool public concern over rising energy prices linked to Washington’s war with Iran. On Tuesday, the White House said the recent jump in oil and gas prices would not last.

That message came after a sharp rise on Monday, when crude climbed above $119 a barrel, the highest level since June 2022. Supply cuts from Saudi Arabia and other producers added to fears that global flows could face more pressure.

At a White House briefing, press secretary Karoline Leavitt said, “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.”

By Tuesday, crude had cooled from Monday’s spike, but gas prices were still a live political problem with the November 3 election getting closer. That vote will decide control of Congress, and energy costs are already sitting near the top of voter concerns.

High oil prices have already hit more than gas stations.They pushed stock markets lower and raised fears of wider economic damage.Even before the Iran war, many U.S. voters were angry about the cost of living and upset that Trump had not done more to bring it down.

Karoline said Trump and his energy team were watching markets closely and speaking with industry leaders. She also said the military was preparing options in line with Trump’s order to keep the Strait of Hormuz open.

Rising oil costs squeeze drivers, automakers, and AI politics

Higher fuel costs are a direct problem for drivers, especially in a country packed with trucks and SUVs.

At $4 gas, the monthly fuel bill for a typical F-150 jumps by about one-third, or around $50, compared with the level before hostilities began. At $5 a gallon, that extra cost rises to $100.

The hit does not stop there. Higher inflation makes existing problems worse, including high vehicle prices and expensive lease payments. That creates another risk for U.S. auto sales, which were already expected to stay mostly flat this year.

Ford shares have fallen sharply since the war started a little over a week ago, and the company is exposed because of its strong link to trucks.

Energy politics are also spilling into artificial intelligence. During the campaign, Trump said he would cut energy bills in half in his first year. That did not happen. Still, lower crude prices during 2025 helped offset higher electricity and natural gas costs when measured against disposable personal income.

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