President Trump said Monday he'll use a Cold War-era national security law to try and bolster domestic production of motor fuels and electricity. Why it matters: His use of the Defense Production Act comes amid high gasoline prices during the Iran war, and rising power costs. The series of presidential memos Trump signed are needed for the Energy Department to use funding secured in last year's GOP budget law, a White House official said. Driving the news: The memos address petroleum production and refining, coal-fired power, natural gas pipelines and processing, and more. They invoke the 1950 law that gives presidents substantial powers to try to bolster private industrial production of materials and supply chains deemed vital to U.S. security. Trump and President Biden have previously employed the law. The big picture: "President Trump promised to fully unleash American energy dominance to protect our economic and national security," White House spokeswoman Taylor Rogers said in a statement.…