Jabin Botsford | The Washington Post | Getty Images
President Donald Trump meets with Colombian President Juan Manuel Santos in the Oval Office of the White House in Washington, DC on Thursday, May 18, 2017.
President Donald Trump‘s proposal to sell half of America’s emergency oil stock seems “opportunistic”, according to the CEO of one of the world’s largest natural resource companies.
When asked whether Trump would be able to implement his plan to sell half of the U.S. Strategic Petroleum Reserves (SPR), Tom Albanese, chief executive of Vedanta Resources, replied, “It feels a bit opportunistic… so let’s see how that goes.”
The White House budget, delivered to Congress on Tuesday, included aims to begin trimming SPR oil in fiscal 2018, which begins from October 1. The proposal predicted it would generate around $500 million in the first year of sales and as much as $16.6 billion over the following decade.
Further to selling half of the nation’s emergency oil stockpile, Trump’s first complete budget plan seeks to boost government revenues by sanctioning drilling in the Arctic National Wildlife Refuge and looks to sell off some government owned electricity transmission lines.
The proposals, as with much of the budget, appear likely to face opposition on Capitol Hill.
