Trump is tapping the Defense Production Act for $150M to boost gasoline and diesel output, small money against $4.29 gas and $6.32 diesel, up 40% and 74% from a year ago. Patrick De Haan of GasBuddy s

What happened: President Trump said his administration will invoke the Defense Production Act to spend $150 million to boost U.S. gasoline and diesel production, part of an effort to lower fuel prices. Key numbers: $150 million in DPA funding. Brent crude $116 a barrel, up 2.6%; West Texas Intermediate around $103, up 3%. Why it matters: Experts told CBS News the move is unlikely to lower prices, since the U.S. already produces more fuel than it consumes and oil prices are set globally. Refiners have no slack capacity, and bringing units back takes months.

President Trump said his administration will invoke the Defense Production Act to spend $150 million to boost U.S. gasoline and diesel production, part of an effort to lower fuel prices.

Experts told CBS News the move is unlikely to lower prices, since the U.S. already produces more fuel than it consumes and oil prices are set globally. Refiners have no slack capacity, and bringing units back takes months.