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U.S. Oil Reserve Would Fall Nearly in Half Under Budget Deal

  • Plan calls for 100 million barrel sale from oil reserve
  • Emergency supply has been repeatedly raided to raise money
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Photographer: Andrey Rudakov/Bloomberg
Updated on

The U.S. is poised to sell half of its emergency oil reserves to help pay its bills, something critics say defies the reason the stockpile was created decades ago as a hedge against supply disruptions.

The spending deal that passed both houses of Congress and was sent to the White House early Friday calls for selling 100 million barrels of oil from the Strategic Petroleum Reserve by 2027. Combined with other sales approved last year, that would mean the volume of oil in the reserve would fall by 45 percent, to about 303 million barrels. The White House said President Donald Trump will sign the bill Friday morning.