U.S. Mandates Biggest Non-Emergency Strategic Oil Selloff

The budget deal that the U.S. Congress passed and President Donald Trump signed into law last Friday calls for selling 100 million barrels of the Strategic Petroleum Reserve (SPR) by 2027 to help fund the government. The sale of 100 million barrels of crude oil in the next decade would represent the largest non-emergency sell-off of strategic oil reserves and would equate to some 15 percent of the current stockpiles in the SPR. The mandate for the SPR sale has drawn criticism because, some experts say, it would blunt the purpose of the strategic…