Plan to sell part of Strategic Petroleum Reserve criticized

As Raye Miller plainly sees it, a move by the federal government to sell 8 percent of the Strategic Petroleum Reserve to raise $3 billion to $5 billion is “a dumb idea.”

Miller is president of Regeneration Energy Corp. in Artesia, New Mexico and a veteran oil man, whose business has a “whopping number of four employees.”

Miller has seen his share of twists and turns in the Permian Basin, as well as the ups and the downs that characterize this tumultuous industry.

“If they were going to take it out, they should have at least considered doing it at high prices instead of selling it out at $40 a barrel,” Miller told

One provision in a proposed deal reached by the White House and congressional leaders Monday night includes tapping the strategic reserve to help shore up the budget.

“I am pretty happy about that because it reflects our values, growing the economy and the middle class by investing in things like education and job training that are needed, and it keeps us safe by investing in our national security,” President Obama said Tuesday.

Click for more from