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from the that-worked-out-just-fine-for-the-helium-reserves dept.
President Donald Trump's proposal to sell half of the U.S. strategic oil reserve highlights a decline in the biggest oil user's reliance on imports - and a weaning off OPEC crude - as its domestic production soars.
The U.S. Strategic Petroleum Reserve (SPR) SPR-STK-T-EIA, the world's largest, holds about 688 million barrels of crude in heavily guarded underground caverns in Louisiana and Texas. Congress created it in 1975 after the Arab oil embargo caused fears of long-term spikes in motor fuel prices that would harm the U.S. economy.
The White House budget, delivered to Congress on Tuesday, proposes to start selling SPR oil in fiscal 2018, which begins on Oct. 1. Under the proposal, the sales would generate $500 million in the first year and gradually rise over the following years. A release of half the SPR over 10 years equals about 95,000 barrels per day (bpd), or 1 percent of current U.S. output.
Source: Reuters
(Score: 0, Troll) by Ethanol-fueled on Wednesday May 24 2017, @10:45PM
More likely than not the Saudis, armed with new shipments of U.S. weapons and the usual clandestine aid of the Jews (Since Saudis and Jews are allies and are both in on their ISIS proxy armies), will launch expanded wars to conquer Yemen, Syria, and finally, Iran and will do it themselves now that America is getting sick of fighting Europe's battles for it and no longer gives a shit about turmoil in the Middle-East.
Between Obama's final gift of tens of billions to Israel and Trump's weapons sales to Saudi Arabia, I am praying to Jesus Christ that that is our final farewell, that we will stay out of it and watch from the sidelines while the Jews and goat-fuckers destroy each other. They will team up against the Shia alliance but there will be heavy casualties on both sides. *grabs popcorn *