Democratic Senator Urges Trump To Sell Oil In Strategic Reserves

31 Aug 2017   Oil Supply

Federal officials should release fuel from the Strategic Petroleum Reserve to prevent gas prices from rising in the wake of Hurricane Harvey, Democratic Senator Edward Markey from Massachusetts told President Donald Trump in a letter on Wednesday. “An immediate release of gasoline or crude oil, if also warranted, from the SPR would help protect consumers from price spikes at the pump and tame any market speculation that could be unduly affecting markets and harming consumers,” Markey wrote, according to The Hill . The SPR was previously used in 2005, in the aftermath of Hurricane Katrina, and Harvey has been quite detrimental to oil production in the Gulf. Approximately 18.5 percent of production in the Gulf of Mexico has been shut-in and 13 refineries, which total to 20.9 percent of American refining capacity, remain closed. Currently, the reserve holds 678.9 million barrels of oil. The effects of the shutdowns will […]

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