President Trump Proposes Tapping Into U.S. Crude Supplies

Author:: TheStreet Staff
Publish date:: May 23, 2017 9:06 AM EDT

Global oil prices eased from one-month highs Tuesday amid reports that President Donald Trump will propose tapping into U.S. crude supplies as part of his budget proposal.

Trump's 2018 budget, which will be handed to Congressional lawmakers later today, will include plans to sell around half of the 688 million barrels currently sitting the U.S. Strategic Petroleum Reserve -- the world's largest crude stockpile -- in order to raise around $16.6 billion over the next ten years and reduce the country's deficit. The proposal comes just days before a meeting of OPEC officials in Vienna in which the cartel is expected to agree an extension of their current production cuts which, along with their allies, is taking around 1.8 million barrels per day from global crude markets.

This article was written by a staff member of TheStreet.