WH Proposes Selling Half the U.S. Strategic Oil Reserve

President Trump’s proposal to slim down the national debt includes a plan to sell off about half of America’s emergency oil stockpile—made up of 687.7 million barrels of oil in Louisiana and Texas. The White House budget proposal would raise $500 million in fiscal year 2018 and drain the Strategic Petroleum Reserve, according to part of the plan released Monday. It also looks to increase revenue by enabling oil drilling in the Alaska National Wildlife Refuge, in addition to halting the long-held practice of sharing oil royalties with states along the Gulf of Mexico. As with most other parts of the budget, these proposals are all expected to face significant resistance in Congress.