As the conflict around the Strait of Hormuz continues to choke Middle East exports, United States officials say expanded oil, gas and minerals deals could secure energy supplies for Asian allies.
The United States can provide 'reliable' energy supplies to Asia-Pacific, US Interior Secretary Doug Burgum said on Saturday, as the Middle East war cripples the region's oil and gas flow.Oil and gas prices have surged since US-Israeli strikes on Iran killed its then-supreme leader and plunged the Middle East into war.
The conflict has virtually halted traffic in the Strait of Hormuz, a key transit point for oil and gas, the vast majority of which is destined for Asia.US President Donald Trump's 'energy dominance' policy aims to ensure that 'we have energy to allow for prosperity at home, and we have the ability to sell energy to our friends and allies,' Burgum told an event in Tokyo bringing together 17 countries from the region.That ensures the region has a 'reliable, affordable and secure' energy supply that 'can't be interrupted by a terrorist regime,' he said.Burgum also addressed the need for a secure supply of critical minerals, as countries push to cut their dependence on top exporter China.Critical minerals such as lithium and cobalt are used in everything from electric vehicles, solar panels and smartphones to jet engines and guided missiles.The forum, which was organised before the Middle East war erupted on February 28, brings together political leaders and US energy companies aiming to seal commercial agreements.'Drill, baby, drill'Countries taking part in the forum, including Japan, South Korea and Thailand, are expected to announce at least $30 billion in energy and minerals deals with the United States,Bloombergreported.Japan, the world's fourth-biggest economy which gets 95 percent of its oil imports from the Middle East, unveiled a memorandum of understanding with Washington to jointly finance 'strategic infrastructure' projects in emerging markets.Tokyo has agreed to invest $550 billion in the United States by 2029 in return for lower tariffs under Trump's campaign of punishing global levies.Japanese giant Hitachi and US firm GE Vernova also agreed on Saturday to explore Southeast Asia for opportunities to build next-generation reactors known as small modular reactors .Holtec and Mitsubishi Electric are also partnering in the nuclear sector.US company Venture Global concluded a long-term contract to supply 1.5 million tonnes of liquefied natural gas to a subsidiary of South Korean conglomerate Hanwha.'The United States is by far the largest oil producer in the world. So when prices go up, we make a lot of money,' Trump posted this week on his TruthSocial platform.The president is a staunch supporter of the oil industry and has championed his 'drill, baby, drill' mantra promoting oil and gas production.
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