Song Eonsuk: "Opposition Will Cooperate on Special Act on U.S. Investment Given Emergency... President Lee Must Present Crisis Response Measures"

Expressed Willingness to Cooperate on National Interest Issues Such as the Special Act on U.S. Investment

"If Ultra-High Exchange Rate and Rising Oil Prices Overlap, the Burden on People’s Livelihoods Will Grow"

"Need to Prepare Diplomatic a

Song Eon-seok, floor leader of the People Power Party, expressed his willingness to cooperate with the government and the ruling party regarding the Middle East crisis on March 4, 2026. However, he also sharply criticized the government's response to the crisis.

On this day, through social networking services (SNS), Song stated, "Given the extraordinary circumstances, I would like to express my willingness to cooperate on necessary matters—such as the Special Act on U.S. Investment—from the standpoint of national interest to safeguard national security and economic stability."

However, he also made several suggestions and criticisms regarding the government's response.

Song Eon-seok, floor leader of the People Power Party, is attending a press briefing held at the National Assembly on February 27, 2026. Photo by Kim Hyun-min

Song pointed out, "Middle East experts have long predicted that the outbreak of additional conflicts was only a matter of time," adding, "Despite such forecasts, the Lee Jaemyung administration's awareness of the situation and preparedness have been insufficient." Regarding the exchange rate, he said, "With the exchange rate hovering around 1,500 won, I cannot help but question how the government is evaluating this situation," further stating, "If rising oil prices caused by the Middle East conflict are added to this, the burden on the people and their livelihoods will grow even heavier."

On the subject of oil reserves, he said, "The government explains that the current oil reserves, including private sector stockpiles, are sufficient for about seven months of use." However, he pointed out, "This figure is based on the assumption that consumption is restricted to only essential sectors in an emergency. If we look at normal consumption standards, even when combining public and private reserves, it amounts to only about 65 days."

Song urged the government, led by President Lee Jaemyung, to present clear countermeasures. He stated, "What is needed right now is a clear crisis response plan and concrete action," and insisted, "We must establish strategies for diversifying energy supply and alternative imports. In addition, diplomatic and security measures to break through a potential blockade of the Strait of Hormuz must also be prepared." He continued, "President Lee should face the gravity of the situation and take substantive action to protect the national economy," adding, "I call on the government to awaken to the situation and respond responsibly."

This content was produced with the assistance of AI translation services.