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The Nation

President Reagan signed a bill to prevent the sale of oil at below-market prices from the Naval Petroleum Reserve, the nation’s fourth-largest domestic oil field. The measure, approved on a voice vote in the House and Senate, was enacted after oil from the Elk Hills, Calif., reserve was sold as cheaply as $4.90 a barrel this summer. At the same time the government was selling cheap oil, it was buying petroleum to fill the Strategic Petroleum Reserve at $12.60 a barrel.


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