President Donald Trump announced on Thursday that he intends to use the Defense Production Act to bolster domestic oil refining capabilities in the hope of putting downward pressure on record-high diesel and gasoline prices.
Trump told a crowd of supporters at a Sioux City, Iowa, campaign rally that he would be invoking the wartime production statute that allows the president to direct domestic industries to prioritize and expand U.S. oil refinery operations to increase the supply of gasoline and diesel.
“Tonight, I am announcing that my administration is using the Defense Production Act to release $150 million to increase American refining capacity and produce more diesel and more gasoline,” Trump said.
Farmers in the state have been hit hard by the high price of diesel needed for agricultural equipment as a result of the Iran war and the war between Russia and Ukraine. The Trump administration’s tariff policies, particularly the 50% tariff on Canadian imports, have also dramatically increased the cost of fertilizer.
Trump reiterated that he lifted the taxes on red-dye diesel and made a deal with Russia to import diesel fuel to help farmers.
He also said sending Republican Senate candidate, Rep. Ashley Hinson (R-IA), to the upper chamber would secure legislation for increasing the percentage of corn-based ethanol in gasoline to 15% year-round, a policy known as E-15.
“I know you’re not all farmers, but I love farmers, I don’t care,” Trump said. “We’re taking care of our farmers and everybody else.”
Trump has been barnstorming across the country to shore up support for down-ticket Republicans in the several days leading up to the election on Nov. 3. On Wednesday, Trump spoke to South Carolina voters to rally support for Sen. Darline Graham (R-SC), sister of the late Sen. Lindsey Graham.
Trump repeated his ask to Iowans to “pretend I’m on the ballot” and highlighted the economic wins for his administration as voters cite the cost of living as their chief worry heading to the polls.
“You can defeat the Democrat communists and vote for more money in your pockets, bigger paychecks for your families, lower taxes, less crimes, a booming Iowa economy, and no amnesty for your illegal aliens,” Trump said. “You must vote to get that. You must vote Republican.”
The president referenced the stock market being at an all-time high as a boon for 401(k) retirement plans. He also touted record-high income levels and the decline in poverty rates as evidence of economic success.
“How the hell can I beat it?” Trump said. “You got more people working. Your individual income is the highest. Your poverty level is the best it’s ever been. And everybody’s making money.”
President Donald Trump greets Iowa U.S. Senate candidate Rep. Ashley Hinson, R-Iowa, at a campaign rally at Sioux Gateway Airport, Thursday, Oct. 22, 2026, in Sioux City, Iowa. (AP Photo/Alex Brandon)
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President Donald Trump greets Iowa Senate candidate, Rep. Ashley Hinson (R-IA), at a campaign rally at Sioux Gateway Airport, Thursday, Oct. 22, 2026, in Sioux City, Iowa. (AP Photo/Alex Brandon)
Trump also praised Hinson, running to replace retiring Sen. Joni Ernst (R-IA), and gubernatorial candidate Zach Lahn, both of whom are in tight races against their respective Democratic opponents.
FARMERS DRAW THEIR PITCHFORKS IN IOWA. WHICHEVER SIDE WINS COULD DECIDE CONTROL OF THE SENATE
The president strongly endorsed Hinson in particular, saying losing one GOP seat in the Senate to Democratic control would cost Iowans their Second Amendment rights and reopen the southern border with Mexico.
“Ashley Hinson is all that stands between the people of Iowa and communists controlling the U.S. Senate,” Trump said. “That one vote is just, like, I can’t tell you how important.”
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[ H/T Washington Examiner ]
