Trump touts $300B Texas refinery deal
Former President Trump announced a $300 billion oil refinery deal in Texas, calling it the first of its scale in half a century.
The refinery will be built by America First Refining at the Port of Brownsville, with groundbreaking expected in the second quarter of 2026. The facility is designed to process 168,000 barrels per day of U.S. shale oil. Reliance Industries, an Indian conglomerate, is reportedly backing the project, though it hasn't officially confirmed the investment. Trump thanked them for their "tremendous investment" in a Truth Social post. America First Refining says the refinery will exclusively use American-produced shale oil. The company also stated that they've secured a 20-year agreement with a "global supermajor" to purchase, process, and distribute the refined products. The refinery is projected to process 1.2 billion barrels of shale oil, valued at $125 billion, and produce 50 billion gallons of refined products worth $175 billion. America First Refining anticipates that the project will improve the U.S. trade balance by $300 billion.
