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February 7, 2018

House temporary spending bill requires sale of $350 million from Strategic Petroleum Reserve

  • Government
  • Agency
  • Elected Body
  • Energy

Washington Examiner – A stopgap government funding bill expected to be approved by the House Tuesday contains language that orders the Energy Department to sell $350 million from the Strategic Petroleum Reserve.

Congress recently has frequently used the strategic oil reserve, an emergency fund, for deficit reduction and other items.

Under the Obama administration, Congress passed laws mandating the Energy Department sell about 140 million barrels of oil from the Strategic Petroleum Reserve to pay for deficit reduction, drug research and highway spending.

President Trump's 2018 budget proposal called for a further drawdown of the oil reserve, seeking to sell about half of it, 270 million barrels, over the next decade to cut the deficit by $16.6 billion. That budget was never implemented.

The recently passed tax legislation also calls for sales from the reserve in 2026 and 2027.

Read more at Washington Examiner.

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