Trump invokes Defense Production Act to boost energy supply amid Iran war

WASHINGTON - US President Donald Trump on Monday signed a series of presidential memorandums, invoking the 1950 Defense Production Act in an attempt to boost energy supply amid the US-Israel war with Iran.

The five presidential memorandums under the law focus on domestic petroleum, coal, liquefied natural gas, energy infrastructure and power-grid infrastructure.

The 1950 Defense Production Act provides the president with a broad set of authorities to ensure that the domestic industry can meet national defense requirements.

Trump invoked the Defense Production Act to provide federal funds for a wide range of energy projects, "as his administration faces pressure to help curb rising oil, gasoline and electricity costs," Bloomberg reported.

Projects eligible for support could include coal-fired power plants, refineries, and facilities that manufacture gas turbines and transformers -- electrical equipment that's been subject to shortages, according to media reports.