Trump proposes selling off 50% of the US Strategic Oil Reserve

Trump administration plans to raise $500 million in fiscal year 2018 by draining 50% of the Strategic Oil Reserve over the next decade. The US has about 687.7 million barrels of crude.

The Bloomberg report says, “The proposal also seeks to boost government revenues by allowing oil drilling in the Alaska National Wildlife Refuge, ending the practice of sharing oil royalties with states along the Gulf of Mexico and selling off the electricity transmission lines in the West.”