Washington. Fighter jets are hovering in the skies of Middle East and West Asia. After America and Israel’s strike on Iran, its worst effect is now visible on America itself. One of President Donald Trump’s strategies has become a thorn in his neck today. Experts believe that Trump has missed the opportunity to fill his country’s strategic petroleum reserve. When oil prices were low, the Trump administration did not fill the treasury and now that the war with Iran is going on, America does not have enough oil left for the emergency. According to a report, America is currently standing on the threshold of a major ‘oil shock’. Its burden on the general public is becoming visible in the form of rising prices of petrol.
According to the report, America’s Strategic Petroleum Reserve or SPR was created in the year 1974. Its purpose was to maintain the supply of oil in the country during any major war or crisis. During his tenure, Joe Biden had extracted a large amount of oil from this reserve to control petrol prices during the Russia-Ukraine war. As soon as Trump came to power, he had promised that he would fill this reserve to its brim again, but the report shows that this promise remained limited to paper only. Today the situation is that this reserve of America has been reduced to only 415 million barrels against its total capacity of 714 million barrels. This stock is left for only 20 days as per the needs of America.
The increasing tension between Iran and America has shaken the global oil market. Tehran has launched retaliatory attacks on the energy infrastructure of Gulf countries, due to which there is a fear of a complete halt in supply. The biggest concern is regarding the Strait of Hormuz. 20 percent of the world’s oil passes through here. If Iran closes this route, America will have no way to replenish its reserves. University of Texas professor says Trump administration missed opportunity when prices were low. Now in the war environment prices have increased so much that replenishing the reserves would prove economically very costly.
