Is selling off half the oil reserve over ten years and closing 2 of 4 Gulf area reserve sites with $16 billion – PB/TK
Trump Proposes Selling Off Half U.S. Strategic Oil Reserve – By Catherine Traywick and Jennifer A Dlouhy / May 22 2017
The White House plan to trim the national debt includes selling off half of the nation’s emergency oil stockpile and the entire backup gasoline supply, part of a broad series of changes proposed by President Donald Trump to the federal government’s role in energy markets.
Trump’s first complete budget proposal, released Tuesday, would raise $500 million in fiscal year 2018 — and as much $16.6 billion over the next decade — by drawing down the Strategic Petroleum Reserve.
“We think it’s a responsible thing to do,” Mick Mulvaney, head of the White House Office of Management and Budget, told reporters. The “risk goes down dramatically when we have increased domestic production like we have today.”
The proposal also seeks to boost government revenues by allowing drilling in the Arctic National Wildlife Refuge, ending the practice of sharing oil royalties with states along the Gulf of Mexico and selling off government-owned electricity transmission lines in the West. Like much of the budget, those moves are likely to face opposition on Capitol Hill.
Continue to bloomberg.com article: https://www.bloomberg.com/politics/articles/2017-05-23/trump-proposes-selling-off-half-the-u-s-strategic-oil-reserve
