Bloomberg reports that the Trump administration is considering extracting oil beneath military bases to replenish its dwindling strategic petroleum reserve (SPR).
Established in the mid-1970s, the SPR is an emergency stockpile designed to mitigate sharp spikes in oil prices during supply disruptions.
Since early February, following the U.S.-Israel aggression against Iran, global oil prices have surged above $100 per barrel. Tehran has closed the Strait of Hormuz, banning "enemy vessels" from entering. Before the war erupted, this strategically vital waterway accounted for about 20% of global crude oil trade.
Although Trump downplayed the impact of the closure of the Strait of Hormuz on the U.S. economy, gasoline prices averaged over $4.50 per gallon this week—marking the first time since 2022.
On Thursday, Bloomberg cited an anonymous source saying the Trump administration is exploring "innovative" ways to replenish the nation’s emergency reserve, including utilizing Department of Defense bases.
Energy Secretary Chris Wright said at a forum hosted by The Wall Street Journal in mid-April, "We will take pragmatic energy resource measures on federal lands."
"We have military bases or facilities sitting right in the middle of oil fields, but these resources underneath are not being developed. It's absurd. They're right there," he said. "We need creative approaches to fill the strategic petroleum reserve."
Original article: toutiao.com/article/1864570110937156/
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