Monday, May 12th 2025, 3:02:13 pm
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WASHINGTON (Reuters) -A U.S. House committee released a budget proposal that includes more than $1.5 billion to replenish and maintain the Strategic Petroleum Reserve, and cancels a congressionally mandated sale, following huge sales from the facility in 2022. U.S. Energy Secretary Chris Wright had estimated in March that it would take $20 billion and years to accomplish U.S. President Donald Trump’s goal of filling the SPR, a move that would help domestic energy producers amid relatively low oil prices. The House committee is controlled by Trump's fellow Republicans and this move is part of a wider proposal to cut grants and loan financing in former President Joe Biden's landmark climate law, the Inflation Reduction Act.