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Bush Seeks to Sell Elk Hills: President Bush sent Congress...

June 23, 1989

Bush Seeks to Sell Elk Hills: President Bush sent Congress a proposal to sell about $3 billion in oil assets, including California's Elk Hills oil field in Kern County and the smaller Teapot Dome field in Wyoming, the focus of a scandal in the Warren G. Harding Administration more than 60 years ago. Addressing previous concerns voiced at former President Ronald Reagan's repeated efforts to sell the oil fields, the Bush plan would require the buyer to supply 50,000 barrels of crude per day to the U.S. Strategic Petroleum Reserve through 1995 and an additional 10 million barrels to a new Defense Petroleum Inventory for military use.

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