Trump's Idea to Drain Half of America's Emergency Oil Reserve So Far Finds Few Takers

WASHINGTON — A Trump administration proposal to sell off half of America's emergency oil stockpile is so far proving to be a dry hole.Months after the White House floated the drawdown of hundreds of millions of barrels from the Strategic Petroleum Reserve that's partially stored in Texas, Congress has paid little mind to what would be a dramatic shift in U.S. energy and national security policy.Budget writers have ignored the measure. Key committees haven't given it much time. And even lawmakers open to the idea see folly in dumping the reserves when oil prices are so low."One of the basic laws of economics is buy low and sell high," said Rep. Joe Barton, an Arlington Republican who has long served on the House Energy and Commerce Committee. "I wouldn't be selling it off at $40 a barrel."  Continue reading...

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