Donald Trump announced the first major US refinery in 50 years in Brownsville, Texas, backed by Reliance Industries. The project, led by America First Refining, aims to boost domestic energy production and strengthen national security. Trump called it a $300 billion deal that would refine 60 million barrels of shale oil annually, with construction starting soon.

The refinery would process 1.2 billion barrels of American crude, generating $175 billion in refined products and improving the trade balance by $300 billion. $4bn in funding is needed, with a nine-figure investment from a global supermajor, though details remain undisclosed. The venture, initially proposed by Element Fuels, prioritizes US shale over foreign oil. Brownsville’s port location and reliance on domestic resources highlight the project’s strategic focus on energy independence. Critics note most US refineries are outdated, designed for heavy crude, but this facility targets light shale oil.

The move aligns with Trump’s efforts to counter Iran’s oil market influence and stabilize prices.