Trump announces America is opening its first new oil refinery in 50 years

President Donald Trump announced on Tuesday that the U.S. is opening the first domestic oil refinery in the last half-century.

Trump claimed in a new post on Truth Social that the refinery will be located in Brownsville, Texas, and will be built using funds from a more than $300 billion investment deal struck with an Indian oil company called Reliance.

"THIS IS A HISTORIC $300 BILLION DOLLAR DEAL — THE BIGGEST IN U.S. HISTORY, A MASSIVE WIN for American Workers, Energy, and the GREAT People of South Texas!" Trump wrote on Truth Social.

"It is because of our America First Agenda, streamlining Permits, and lowering Taxes, that have attracted Billions of Dollars in Deals coming back to our Nation," Trump added. "A new Refinery at the Port of Brownsville, will fuel U.S. Markets, strengthen our National Security, boost American Energy production, deliver Billions of Dollars in Economic impact, and will be THE CLEANEST REFINERY IN THE WORLD."

The deal was announced at a time when the Trump administration's war in Iran sent energy prices skyrocketing over the weekend. On Monday, the price of a barrel of oil hit nearly $120 a barrel before Trump announced that the war in Iran was effectively over.

AAA measured the national average gas price at $3.54 per gallon on Tuesday, which is about $0.40-cents higher than it was a week ago.