imaginima/E+ via Getty Images Shale billionaire Harold Hamm this week accused the Biden administration of leaving the U.S. \"unusually vulnerable\" to a Middle East oil price shock by draining its Strategic Petroleum Reserve and harming domestic production. The Continental Resources founder told the Financial Times in an interview that he was \"very concerned\" that conflict in the Middle East could disrupt global oil supplies while the U.S. shale patch had been placed in a \"weakened condition,\" unable to raise production. \"They have drained the SPR, and refinery inventories are at their lowest in America\" in years, Hamm said, referring to the U.S. oil reserve that currently holds ~383M barrels, above year-ago levels but near its lowest since the 1980s, and roughly half of capacity. Hamm also accused the Biden administration of trying to thwart U.S. oil and gas investment by imposing curbs on some drilling and pausing the development of new liquefied natural gas plants, compromising energy security at a time of rising geopolitical risks. Hamm's remarks come as Iran launched nearly 200 ballistic missiles into Israel on Tuesday, and Israeli Prime Minister Netanyahu promised to retaliate, raising fears that substantial oil supply could be taken off the market; crude oil futures surged more than 9% this week. But U.S. oil and gas production has reached record highs, exports of crude oil and LNG have soared, and analysts say the U.S. is in a better position now to weather supply disruptions than in the 1970s, when some OPEC members imposed an embargo on shipping crude to western countries that triggered a huge price spike. ETFs: (NYSEARCA:XLE), (XOP), (VDE), (OIH), (XES), (IEZ)