Posted on 10/27/2015 6:28:49 AM PDT by thackney
Congressional leaders proposed to sell 58 million barrels of oil from U.S. emergency reserves over six years starting in fiscal 2018 to help pay for a budget deal that ends mandatory spending cuts, according to a copy of the bill posted to a congressional website.
The Strategic Petroleum Reserve holds more than 695 million barrels of crude in Texas and Louisiana, a bounty that U.S. lawmakers have eyed a few times this year to pay for a new drug program and highway maintenance.
(Excerpt) Read more at reuters.com ...
More info at:
Perhaps they could sell some federal buildings in DC too.
In other words, we’re going to the pawn shop to get the money to pay our bills.
Moniz: Strategic Petroleum Reserve is too valuable to sell its stockpiles
http://fuelfix.com/blog/2015/10/06/moniz-strategic-petroleum-reserve-is-too-valuable-to-sell-its-stockpiles/
October 6, 2015
Several senators hit back hard against that idea Tuesday, with the panel’s chairwoman, Lisa Murkowski, R-Alaska, insisting that the SPR “is not an ATM for new spending or a vestige of our national energy policy.”
Sen. Elizabeth Warren, D-Mass., called proposed SPR sales “a high-cost gimmick.”
“Mandating massive, inefficient and inflexible selloff of the Strategic Petroleum Reserve years in advance is just one more bad idea for how to finance government,” she said.
The committee’s top Democrat, Sen. Maria Cantwell of Washington, insisted that the Strategic Petroleum Reserve’s value hasn’t diminished since its creation 40 years ago. “We need it just as much today as we did then,” Cantwell said.
It’s always a party when you’re eating the seed corn.
My first thought was ANWR
Sell while the price is low. Brilliant.
And help the US oil industry by driving prices lower.
Is Boehner having sex with Obama?
Is he giving a goodbye Lewinski or two?
How else to explain such a sweetheart deal?
Selling our insurance policy to pay interest on our debt is INSANE!
Save it for an emergency. We're at war...or didn't anyone notice. And Obama is taunting China, too.
58Mbbl x $43 = $2.49 Billion.................drop in the bucket....................
They must think this is how you sell short.
They’ve been selling the WH and Capitol for years.................
Typical gubmit mentality, buy high, sell low.
Boehner and Obama are MORONS.
We should be BUIYNG MORE here, and ONLY from DOMESTIC SHALE OPERATORS.
Red State blue collar jobs can be saved.
F*****g Imbeciles.
58 million = 3 1/2 days of oil at current usage rate. Big whoop.
So they buy it at $100/bbl and sell at $50/bbl. Brilliant!!
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