"Trump Seeks To Sell Off Half Of The Strategic Petroleum Reserve"

"As part of its 2018 budget, the Trump administration is proposing to reduce by half the size of the Strategic Petroleum Reserve, a cushion against global price shocks and supply disruptions. The administration said it expects the drawdown to reduce the federal deficit by $16.6 billion, part of a package of deficit reduction measures over the next 10 years.

The proposal probably will run into sharp differences in Congress and among oil experts, most of whom say that the reserve should remain a buffer in an emergency. As of May 12, the reserve had 688.1 million barrels, equal to about 141 days of net imports of crude oil and refined petroleum products.

The administration included the words 'Reduce Strategic Petroleum Reserve by half' among a long list of budget proposals distributed under embargo to journalists."

Steven Mufson and Chris Mooney report for the Washington Post May 22, 2017.

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"Trump Proposes Selling Off Half the U.S. Strategic Oil Reserve" (Bloomberg)