India, March 11 -- US President Donald Trump has announced that the US will get its first new oil refinery in 50 years. Taking to Truth Social, the US president announced that this achievement comes with the help of investment from India's Reliance Industries Ltd.

"I am proud to announce that America First Refining is opening the FIRST new U.S. Oil Refinery in 50 YEARS in Brownsville, Texas," Trump said Tuesday in a post on Truth Social.

The announcement comes as the Trump administration pursues a policy of energy dominance, backing the production of oil, natural gas and coal. The refinery announcement also comes as world's oil and gas supply has come to a halt with the conflict between Iran, US and Israel.

"THIS IS A HISTORIC $300 BIL...