This one chart explains why Congress' plan to sell oil is a horrible idea

Buy high, sell low. The definition of stupid.Thats what Congress is considering as it eyes selling oil from the U.S. Strategic Petroleum Reserve (SPR) to pay for certain projects in its latest spending plan.The last time the U.S. bought oil for the SPR in 2000 through 2005, oil prices were rising (Figure 1). Now Congress wants to sell oil when prices are the lowest in a decade and continuing to fall.Members of Congress who routinely tell us that they are good at business need to look at the chart above and explain why we should believe them.Selling oil from the Strategic Petroleum Reserve now is a terrible idea.SEE ALSO:Here's why the US is selling almost 10% of its oilJoin the conversation about this storyNOW WATCH: Russia's military is more advanced than people thought
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