"South Korea to Invest $8.4 Billion in Oil Production Increase"… Warns of Doubling Amount If Alaska Project Is Rejected

[Anchor]

U.S. President Donald Trump has unilaterally claimed that he has secured investment from South Korea for an oil production increase project worth more than 11 trillion won. Regarding the previously announced Alaska LNG project, he threatened to double the billed amount if the South Korean government does not agree.

For the first news, Washington Correspondent Lee Hanseok reports.

[Reporter]

U.S. President Trump stated on his social media that negotiations with South Korea are continuing to improve, and that South Korea will invest 8.4 billion dollars, or approximately 11.3 trillion won, in an enhanced oil recovery project.

It is a technology that injects carbon dioxide and other substances to extract remaining oil, but specific project details or locations were not disclosed.

This is identical to his previous unilateral announcement of the 50 billion dollar Alaska LNG project without an agreement with the South Korean government.

When the South Korean government expressed difficulty by stating nothing has been finalized, President Trump poured out blatant pressure remarks.

He stated that if South Korea does not agree to the Alaska LNG project, he will double the billed amount.

This is interpreted as threatening remarks intended to significantly increase burdens in other areas such as tariffs or defense cost sharing.

President Trump has recently been pouring out astronomical infrastructure plans, such as an Iowa steel mill and a large Alabama bridge.

U.S. media pointed out that with the actual operational timing set for after 2030, these are too late and negligible election-use cards to sway voters exhausted by high inflation and high interest rates.

Behind President Trump's consecutive pushing of extreme measures lies an election crisis stemming from soaring oil prices.

As diesel prices surpassing 6.5 dollars per gallon emerged as a major fuse, the Trump administration raised the pressure level by even pulling out an export ban card toward Europe.

In the end, the G7 held an emergency video conference and abruptly agreed to release 100 million barrels of strategic diesel and crude oil reserves into the market over the next 4 months.

Upon the news of the strategic petroleum reserve release, international oil prices reacted immediately, plummeting by 5% during intraday trading.

Attention is focused on whether the forced investment announcements and the strategic reserve release card, which erupted right before the election, can lead to a rebound in the approval ratings of the Trump administration.

(Video by Oh Jeong-sik | Video Editing by Won Hyung-hee)
※ Please note: This article was translated by AI and may contain errors.