Oct. 23 (UPI) -- President Donald Trump on Thursday night invoked a Cold War-era federal law allowing the government to invest up to $150 million to boost domestic gasoline and diesel fuel production amid surging prices.

"And tonight, in more breaking news, my administration is using the Defense Production Act to release $150 million to increase American refining capacity to produce more diesel and more gasoline at record levels, actually," Trump said at a campaign rally in Sioux City, where he was stumping for Iowa Republican candidates with less than two weeks before the midterm elections.

Trump issued a presidential memorandum to invoke the Defense Production Act, a mechanism that gives the president broad powers to provide funds to companies to expand domestic production of products deemed critical to national security.

How the funds would be allocated was not stated. The U.S.…