President Donald Trump was brutally mocked by political analysts and observers on Tuesday after he announced a new oil refinery would open in Brownsville, Texas.

Earlier in the day, Trump claimed that his administration had attracted a new $300 billion investment from an Indian oil company, Reliance, to build a new refinery. However, some analysts and observers noted that Trump appeared to take credit for an investment announced under the previous Biden administration.

The announcement was made at a time when global markets were reeling from the aftershocks of the U.S. and Israel's decision to bomb Iran earlier this month. On Monday, the price of a barrel of oil hit nearly $120. In the U.S., gas prices are up more than $0.40-cents across the nation since last week, according to data from AAA.....

"This project began construction in 2024 and cost between $3-$4 billion, according to the company. The refinery capacity is 160,000 [barrels per day]," Patrick De Haan, head of petroleum analysis at GasBuddy, posted on X.