Clinton budget hits SPR purchases, producers

02/08/1999
President Bill Clinton has proposed a $1.8 trillion budget for fiscal year 2000 that omits funding for further purchases of oil for the Strategic Petroleum Reserve. Independent producers have urged the U.S. government to buy crude for the SPR to help reduce the oversupply on the world market. Energy Sec. Bill Richardson said that, later this month, he may propose "some innovative ways" to acquire oil for the SPR off-budget. The administration also proposed to reduce the tax credits U.S. companies could receive on their foreign oil and gas extraction income. The adjustments would cost oil and gas producers $407 million over the next 5 fiscal years. The administration ha...
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