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Bloomberg reported on June 6 that the U.S. government is weighing plans to drill for crude oil located beneath military installations after a sharp drawdown of the Strategic Petroleum Reserve (SPR) amid heightened tensions with Iran. Officials said they are examining oil deposits on land owned by the Department of Defense as a potential way to refill the reserve.Oil produced from those deposits would transfer directly to government custody, avoiding costly purchases from private suppliers. Defense and energy officials warn the rapid depletion of the SPR — the nation’s emergency supply held to cushion against major supply shocks — could pose national security risks if not reversed.The SPR was created after the oil shocks of the 1970s. At the current release pace, holdings could fall to their lowest level since 1982. President Joe Biden ordered releases in 2022 after Russia’s invasion of Ukraine sent gasoline prices higher, and the administration ran short of funds to buy crude from commercial markets as it began replenishment efforts. President Donald Trump also authorized releases this year amid concerns that conflict with Iran could close the Strait of Hormuz and drive fuel prices up.U.S. retail gasoline prices have risen above $4.50 per gallon for the first time since July 2022, fueling public anxiety over inflation. Audio: AI dubbing. Reporter/Producer: Lee Jun-heum. #Iran #Hormuz #Israel #U.S. #StrategicPetroleumReserve #DefenseDepartment #drilling #crude #Trump Yonhap News TV contact and tips: KakaoTalk/Line jebo23 Lee Jun-heum (humi@yna.co.kr)
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