Trump Touts South Korea's $8.4 Billion Oil Investment Claim Amid Surging Prices

U.S. President Donald Trump claimed that South Korea has agreed to invest $8.4 billion in an oil production expansion project, although South Korean officials say no deal has been finalized.

The project involves enhanced oil recovery technology, which extracts remaining crude oil by injecting carbon dioxide and other substances. However, specific details on the project's location were not disclosed.

Trump's announcement comes after he threatened to double costs for a separate energy project, the Alaska LNG project, if South Korea didn't agree to participate.

The Trump administration has been under pressure due to surging oil prices, with diesel prices reaching over $6.5 per gallon. The G7 held an emergency video conference and agreed to release 100 million barrels of strategic diesel and crude oil reserves into the market over the next four months.