Buy High, Sell LowDean Foust
President Clinton's move to sell off 12 million barrels of government-stockpiled oil may be a political winner, but for taxpayers it's a bum deal. That's because the bulk of Uncle Sam's vast petroleum reserves was bought after the 1970s oil crisis, when prices were much higher. So Washington is unloading oil bought at an average cost of $27.14 per barrel for about $19 per barrel.
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