{"id":"1792713037716-news-segment","slug":"trump-pulls-cold-war-lever-for-oil","title":"Trump pulls Cold War lever for oil","summary":"President Trump issued a presidential determination on October 22 invoking Section 303 of the Defense Production Act, declaring domestic petroleum production, refining, and logistics capacity essential to national defense, which could open federal funding for oil projects. This is a promotional post for an Axios series on the Austin 2026 race; no factual claim to check.\n\nJapan's core inflation, excluding fresh food, rose to 2.1% in September, the highest level this year and in line with economists' forecasts.","publishedAt":"2026-10-22T23:50:37.716Z","channel":{"id":"news","name":"Oncast News","language":"en"},"show":"News Tonight","verification":{"status":"verified","leadVerdict":"TRUE","notes":"TRUE: President Trump issued a presidential determination on October 22 invoking Section 303 of the Defense Production Act, declaring domestic petroleum production, refining, and logistics capacity essential to national defense, which could open federal funding for oil projects. This is a promotional post for an Axios series on the Austin 2026 race; no factual claim to check.\nSource: [reuters.com](https://www.reuters.com/business/energy/white-house-weighs-how-use-defense-production-act-expand-us-oil-refining-2026-09-11) / [whitehouse.gov](ht (https://x.com/Reuters/status/2113415145984610792)\n\nTRUE: Japan's core inflation, excluding fresh food, rose to 2.1% in September, the highest level this year and in line with economists' forecasts.\nSource: [cnbc.com](https://www.cnbc.com/2026/10/23/japan-inflation-september-highest-in-2026.html) NAMES: Core inflation = a measure of price changes that excludes vola (https://www.cnbc.com/2026/10/23/japan-inflation-september-highest-in-2026.html)","claims":[{"verdict":"TRUE","summary":"President Trump issued a presidential determination on October 22 invoking Section 303 of the Defense Production Act, declaring domestic petroleum production, refining, and logistics capacity essential to national defense, which could open federal funding for oil projects. This is a promotional post for an Axios series on the Austin 2026 race; no factual claim to check.","sourceName":"[reuters.com](https://www.reuters.com/business/energy/white-house-weighs-how-use-defense-production-act-expand-us-oil-refining-2026-09-11) / [whitehouse.gov](ht","sourceUrl":"https://x.com/Reuters/status/2113415145984610792","claim":"Trump invokes Cold War-era Defense Production Act for oil production, refining https://t.co/4BG4dvEXJQ https://t.co/4BG4dvEXJQ","author":"@Reuters"},{"verdict":"TRUE","summary":"Japan's core inflation, excluding fresh food, rose to 2.1% in September, the highest level this year and in line with economists' forecasts.","sourceName":"[cnbc.com](https://www.cnbc.com/2026/10/23/japan-inflation-september-highest-in-2026.html) NAMES: Core inflation = a measure of price changes that excludes vola","sourceUrl":"https://www.cnbc.com/2026/10/23/japan-inflation-september-highest-in-2026.html","claim":"Japan core inflation in September surges to its highest this year at 2.1% - Core inflation, which strips out prices of fresh food, was in line with than the 2.1% forecast by economists polled by Reuters.","author":"CNBC"}]},"sources":[{"url":"https://x.com/Reuters/status/2113415145984610792","name":"[reuters.com](https://www.reuters.com/business/energy/white-house-weighs-how-use-defense-production-act-expand-us-oil-refining-2026-09-11) / [whitehouse.gov](ht","kind":"x","verdict":"TRUE","author":"@Reuters"},{"url":"https://www.cnbc.com/2026/10/23/japan-inflation-september-highest-in-2026.html","name":"[cnbc.com](https://www.cnbc.com/2026/10/23/japan-inflation-september-highest-in-2026.html) NAMES: Core inflation = a measure of price changes that excludes vola","kind":"news","verdict":"TRUE","author":"CNBC"}],"url":"https://oncast.fm/story/1792713037716-news-segment-trump-pulls-cold-war-lever-for-oil","listenUrl":"https://oncast.fm/c/news","attribution":{"publisher":"Oncast","site":"https://oncast.fm","url":"https://oncast.fm/story/1792713037716-news-segment-trump-pulls-cold-war-lever-for-oil","cite":"Cite https://oncast.fm/story/1792713037716-news-segment-trump-pulls-cold-war-lever-for-oil and the original source links. Fact-check by Oncast (oncast.fm)."},"hostsSaid":[{"host":"Bella","text":"The White House just pulled a Cold War lever for oil."},{"host":"Brian","text":"The Defense Production Act? For petroleum?"},{"host":"Bella","text":"Reuters is reporting Trump signed a determination last night. Domestic oil production, refining, logistics — now officially essential to national defense."},{"host":"Brian","text":"So the federal government can now throw money at oil projects. That's the point of the law."},{"host":"Bella","text":"It's a 1950 law, built for steel and tanks. Now it's for crude."},{"host":"Brian","text":"I'm sure the oil companies are heartbroken."},{"host":"Bella","text":"The timing is the story. This comes as the Middle East is on edge, Hormuz is a flashpoint, and oil prices are swinging."},{"host":"Brian","text":"Right, so the argument from the White House is: we can't be caught short. We need domestic capacity, and we need it now."},{"host":"Bella","text":"And the counterargument is: this is a gift to an industry that's already profitable, wrapped in a national security bow."},{"host":"Brian","text":"But that's not quite fair. If there's a real supply shock, you want that capacity already built. You can't spin up a refinery in a week."},{"host":"Bella","text":"No, but you can fast-track permits and loans. That's what this does. And it doesn't lower prices tomorrow."},{"host":"Brian","text":"It's a long game. I get the skepticism, but calling it a pure handout ignores the actual strategic logic."},{"host":"Bella","text":"I'll give you this: if the Strait of Hormuz closes, nobody's going to care about the politics of the DPA. They'll care about gas prices."},{"host":"Brian","text":"Exactly. And that's the bet the White House is making."},{"host":"Bella","text":"Meanwhile, there's a wild report out of Iran. A Telegram channel called The Hormuz Letter says Russian military cargo planes landed at Bushehr Air Base to evacuate Russian personnel from the nuclear plant."},{"host":"Brian","text":"That's unverified. No major outlet has confirmed it. But if it's true, it's a huge signal."},{"host":"Bella","text":"Bushehr is Iran's nuclear power plant on the Gulf coast. Russia helped build it. Russian engineers have been there for years."},{"host":"Brian","text":"So if Moscow is pulling its people out, that means someone expects a strike. Or at least thinks one is possible."},{"host":"Bella","text":"The account says 'initial reports and local sources.' That's a rumor with a very loud megaphone."},{"host":"Brian","text":"And in this environment, rumors move markets. Oil traders are watching this like hawks."},{"host":"Bella","text":"Which brings us back to the Defense Production Act. The White House isn't waiting to find out if the rumor is true."},{"host":"Brian","text":"No, they're preparing for the worst case. That's what this whole move is about."},{"host":"Bella","text":"Different world entirely: Japan's inflation just hit its highest level this year."},{"host":"Brian","text":"Core inflation, 2.1 percent in September. That's the number that strips out fresh food."},{"host":"Bella","text":"And it's exactly what economists expected. So no shock, but it's a trend."},{"host":"Brian","text":"The Bank of Japan has been trying to keep inflation near 2 percent for decades. Now they've got it, and they're not sure they want it."},{"host":"Bella","text":"Careful what you wish for."},{"host":"Brian","text":"The real question is whether this pushes them to raise rates again. That would ripple through global markets."},{"host":"Bella","text":"For now, it's a data point. But it's a data point that matters for anyone with a mortgage in Tokyo, or a yen trade in New York."},{"host":"Brian","text":"And it's a reminder that inflation isn't just an American story. It's a global one."},{"host":"Bella","text":"One more from the feed: a UFO account is quoting a congressman saying the U.S. can't fall behind on disclosure."},{"host":"Brian","text":"Of course it is."},{"host":"Bella","text":"Rep. Eric Burlison on Fox Business, saying there's an international UFO arms race, and China or Russia could break the story first."},{"host":"Brian","text":"I'll say this: if there's a race to disclose, it's a race to control the narrative. Not to reveal the truth."},{"host":"Bella","text":"The account is called Make Aliens Great Again. So we're in a very specific corner of the internet."},{"host":"Brian","text":"The branding is... committed."},{"host":"Bella","text":"But Burlison is a real congressman, and he's been pushing this for a while. It's not fringe in his district."},{"host":"Brian","text":"The UFO thing has gone from late-night radio to congressional hearings. That's a real shift."},{"host":"Bella","text":"Whether it's a shift toward truth or just better PR, that's the argument."},{"host":"Brian","text":"I think it's mostly PR. But I also think the government knows more than it says. Both can be true."},{"host":"Bella","text":"That's the most honest take I've heard on this all week."},{"host":"Brian","text":"Coming up, we're watching the Middle East, the oil markets, and a very strange race to the stars."}]}