Trump budget would sell entire U.S. Northeast gasoline reserveNEW YORK (Reuters) - The Trump administration is proposing to sell off in the coming fiscal year the entire gasoline reserve created in the aftermath of Hurricane Sandy, according to its budget proposal unveiled on Tuesday. The U.S. Northeast Gasoline Supply Reserve (NGSR) was established in 2014 to minimize the impact of sudden supply interruptions, such as occurred in 2012 during Sandy, the second-costliest hurricane in the country’s history. The gasoline reserve was established as part of the Strategic Petroleum Reserve (SPR). It consists of 1 million barrels of gasoline blendstock and is stored in commercial storage terminals in Maine, Massachusetts and New Jersey.  “The NGSR has not been utilized and does not have the operational functionality that was envisioned post-Sandy,” the budget proposal said. It noted that the NGSR’s leased commercial storage contracts expire in the early part of fiscal 2019. A sale would offset $69 million of discretionary spending, with any additional proceeds going to the U.S. Treasury’s general fund for deficit reduction, the proposal says.  Sandy battered the northeastern U.S. coast at the end of October 2012, destroying homes and buildings, closing refineries and disrupting gasoline supplies. The U.S. East Coast accounts for over a third of national gasoline consumption.  The gasoline market is not likely to be affected significantly if the budget proposal is approved in its current form by Congress, said Robert Campbell, head of oil products markets at consultancy Energy Aspects, but it would leave the region at risk if another disaster struck. “Nothing has changed very much (since 2012)... if we were to get in a situation where we once again have refinery closures on the East Coast, it would be a much more vulnerable market,” he said. The budget proposal for the fiscal year starting Oct. 1 also calls for selling half of the 688 million barrels of oil in the SPR, the nation’s emergency crude stockpile. That would represent about 141 days of U.S. oil imports of oil but only about three days worth of global production. “In some ways it seems more logical now to have a gasoline reserve than a separate crude reserve,” said David Thompson, executive vice president at energy-specialized commodities broker Powerhouse in Washington. “There is a time component involved in making and distributing gasoline, so if the Northeast refineries or the Colonial (pipeline) were affected by a major incident, it would take time to develop an alternative supply chain,” he said. Traders also said the gasoline reserve had been created so recently that its liquidation was unlikely to be approved by lawmakers quickly.  Under the Trump budget proposal, the existing Northeast home heating oil reserve of 1 million barrels would continue to operate. politicsNews
trump budget would sell entire northeast gasoline reservenew york reuters the trump administration proposing sell coming fiscal year entire gasoline reserve created aftermath hurricane sandy according budget proposal unveiled tuesday the northeast gasoline supply reserve nger established minimize impact sudden supply interruptions occurred sandy hurricane country history the gasoline reserve established part strategic petroleum reserve spr it consists million barrels gasoline bloodstock stored commercial storage terminals maine massachusetts new jersey the nger utilized operational functionality envisioned budget proposal said it noted nger leased commercial storage contracts expire early part fiscal a sale would offset million discretionary spending additional proceeds going treasury general fund deficit reduction proposal says sandy battered northeastern coast end october destroying homes buildings closing refineries disrupting gasoline supplies the east coast accounts third national gasoline consumption the gasoline market likely affected significantly budget proposal approved current form congress said robert campbell head oil products markets consultancy energy aspects would leave region risk another disaster struck nothing changed much since get situation refinery closures east coast would much vulnerable market said the budget proposal fiscal year starting also calls selling half million barrels oil spr nation emergency crude stockpile that would represent days oil imports oil three days worth global production in ways seems logical gasoline reserve separate crude reserve said david thompson executive vice president commodities broker powerhouse washington there time component involved making distributing gasoline northeast refineries colonial pipeline affected major incident would take time develop alternative supply chain said traders also said gasoline reserve created recently liquidation unlikely approved lawmakers quickly under trump budget proposal existing northeast home heating oil reserve million barrels would continue operate politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Trump budget would sell entire U.S. Northeast gasoline reserveNEW YORK (Reuters) - The Trump administration is proposing to sell off in the coming fiscal year the entire gasoline reserve created in the aftermath of Hurricane Sandy, according to its budget proposal unveiled on Tuesday. The U.S. Northeast Gasoline Supply Reserve (NGSR) was established in 2014 to minimize the impact of sudden supply interruptions, such as occurred in 2012 during Sandy, the second-costliest hurricane in the country’s history. The gasoline reserve was established as part of the Strategic Petroleum Reserve (SPR). It consists of 1 million barrels of gasoline blendstock and is stored in commercial storage terminals in Maine, Massachusetts and New Jersey.  “The NGSR has not been utilized and does not have the operational functionality that was envisioned post-Sandy,” the budget proposal said. It noted that the NGSR’s leased commercial storage contracts expire in the early part of fiscal 2019. A sale would offset $69 million of discretionary spending, with any additional proceeds going to the U.S. Treasury’s general fund for deficit reduction, the proposal says.  Sandy battered the northeastern U.S. coast at the end of October 2012, destroying homes and buildings, closing refineries and disrupting gasoline supplies. The U.S. East Coast accounts for over a third of national gasoline consumption.  The gasoline market is not likely to be affected significantly if the budget proposal is approved in its current form by Congress, said Robert Campbell, head of oil products markets at consultancy Energy Aspects, but it would leave the region at risk if another disaster struck. “Nothing has changed very much (since 2012)... if we were to get in a situation where we once again have refinery closures on the East Coast, it would be a much more vulnerable market,” he said. The budget proposal for the fiscal year starting Oct. 1 also calls for selling half of the 688 million barrels of oil in the SPR, the nation’s emergency crude stockpile. That would represent about 141 days of U.S. oil imports of oil but only about three days worth of global production. “In some ways it seems more logical now to have a gasoline reserve than a separate crude reserve,” said David Thompson, executive vice president at energy-specialized commodities broker Powerhouse in Washington. “There is a time component involved in making and distributing gasoline, so if the Northeast refineries or the Colonial (pipeline) were affected by a major incident, it would take time to develop an alternative supply chain,” he said. Traders also said the gasoline reserve had been created so recently that its liquidation was unlikely to be approved by lawmakers quickly.  Under the Trump budget proposal, the existing Northeast home heating oil reserve of 1 million barrels would continue to operate. politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: trump budget would sell entire northeast gasoline reservenew york reuters the trump administration proposing sell coming fiscal year entire gasoline reserve created aftermath hurricane sandy according budget proposal unveiled tuesday the northeast gasoline supply reserve nger established minimize impact sudden supply interruptions occurred sandy hurricane country history the gasoline reserve established part strategic petroleum reserve spr it consists million barrels gasoline bloodstock stored commercial storage terminals maine massachusetts new jersey the nger utilized operational functionality envisioned budget proposal said it noted nger leased commercial storage contracts expire early part fiscal a sale would offset million discretionary spending additional proceeds going treasury general fund deficit reduction proposal says sandy battered northeastern coast end october destroying homes buildings closing refineries disrupting gasoline supplies the east coast accounts third national gasoline consumption the gasoline market likely affected significantly budget proposal approved current form congress said robert campbell head oil products markets consultancy energy aspects would leave region risk another disaster struck nothing changed much since get situation refinery closures east coast would much vulnerable market said the budget proposal fiscal year starting also calls selling half million barrels oil spr nation emergency crude stockpile that would represent days oil imports oil three days worth global production in ways seems logical gasoline reserve separate crude reserve said david thompson executive vice president commodities broker powerhouse washington there time component involved making distributing gasoline northeast refineries colonial pipeline affected major incident would take time develop alternative supply chain said traders also said gasoline reserve created recently liquidation unlikely approved lawmakers quickly under trump budget proposal existing northeast home heating oil reserve million barrels would continue operate politicsnews