The president has announced a massive deal to open the first oil refinery in the U.S. in 50 years in order to seek energy "dominance."President Donald Trump said in a post on Truth Social on Tuesday that the refinery would be built in Brownsville, Texas, and bring thousands of jobs to the region.'This is what AMERICAN ENERGY DOMINANCE looks like. AMERICA FIRST, ALWAYS!'"THIS IS A HISTORIC $300 BILLION DOLLAR DEAL — THE BIGGEST IN U.S. HISTORY, A MASSIVE WIN for American Workers, Energy, and the GREAT People of South Texas!" he wrote. "Thank you to our partners in India, and their largest privately held Energy Company, Reliance, for this tremendous Investment."He credited the streamlining of permits and lowering taxes under his "America First" agenda for attracting investments to the U.S."A new Refinery at the Port of Brownsville, will fuel U.S. Markets, strengthen our National Security, boost American Energy production, deliver Billions of Dollars in Economic impact, and will be THE CLEANEST REFINERY IN THE WORLD," he added.The refinery is being developed by America First Refining and will be designed to process shale oil."The United States has a surplus of light shale oil but a shortage of refining capacity designed to process it," said America First Refining president Trey Griggs.RELATED: 'BEWARE!' Trump threatens Iran with violence 'never seen before' over reported mines in Strait of Hormuz "This is what AMERICAN ENERGY DOMINANCE looks like. AMERICA FIRST, ALWAYS!" Trump concluded.The announcement came after oil prices spiked folllowing the military strikes on Iran by the U.S. and Israel. Crude oil jumped to nearly $120 a barrel on Monday but has dropped to $84 since then.Like Blaze News? Bypass the censors, sign up for our newsletters, and get stories like this direct to your inbox. Sign up here!