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US budget deal to sell 8% of Strategic Petroleum Reserve

A budget deal struck by US House Republicans and the White House would see millions of barrels of crude from the Strategic Petroleum Reserve (SPR) sold

The deal reflects a profound shift in much of Washington’s view on energy security as the surge in domestic production over the past decade has dramatically reduced oil imports and eased supply fears rooted in the 1970s oil embargo crisis. The proposed sales would begin in 2018, with 5m barrels of oil a year sold from 2018 through 2020; 8m barrels in 2022 and 10m barrels a year from 2023 to 2025. In total, 58m barrels, around 8%, of the SPR’s 695.1 barrels of crude would be sold off. The bill would also require the Department of Energy to carry out a strategic review of the SPR and develop proposals “related to its role in national policy, relevant legal authorities’ configuration and perfo

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