Trump Invokes Defense Production Act With $150 Million to Boost Fuel Output as Experts Doubt Price Relief

President Trump said Thursday his administration will invoke the Defense Production Act to spend $150 million to boost U.S. gasoline and diesel production, the latest bid to lower fuel prices. The Energy Department said the funding will raise refining output by millions of gallons per day. Experts told CBS News the measure is unlikely to lower prices. The U.S. already produces more fuel than it consumes — about 5.3 million barrels per day of distillate versus 3.6 million consumed, and 9.5 million barrels of gasoline versus 8.9 million used domestically. Oil prices are set globally, where the Iran war and Russia-Ukraine conflict have disrupted shipments. Brent crude was $116 a barrel Friday, up 2.6%, and West Texas Intermediate around $103, up 3%. The national average was $4.29 a gallon for gasoline and $6.32 for diesel, according to AAA — jumps of 40% and 74% from a year earlier. "There is no slack in U.S. refining, so production can't be added regardless of political will," said Tom Kloza, chief energy adviser for Gulf Oil. GasBuddy's Patrick De Haan said, "I don't think that's really going to have any impact."