Trump Proposes Selling Off Half Of U.S. Emergency Oil Reserve

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.” FULL REPORT