According to CoinMeta, Trump officially declared a national emergency to boost U.S. oil production, at a time when the price of Brent crude oil had reached $113. In his memorandum, he pointed out that U.S. oil production is crucial to national security and mentioned the national energy emergency since his first day in office. The memorandum covered aspects such as drilling, refining, pipelines, storage, and offshore terminals. The Pentagon was instructed to fund these projects through procurement, commitments, and financial transactions, while also relaxing the requirements of the Standard Defense Production Act to expand capacity. The memorandum noted that the industry could not expand on its own due to issues with financing, licensing, and supply chain bottlenecks. This is the second time this year that Trump has issued a Defense Production Order regarding oil; a previous order was issued in April when the price of Brent oil was $95.