Will release of 1M daily barrels of oil reduce prices?

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Please keep this non-political. I'm wanting only the ECONOMIC impact of this 1M barrels of oil daily. Will this suppress the price at the pumps?

Second question, would it not be more effective to just do a short-term moratorium on fuel taxes? Allow us to preserve our reserves?
 
It will do virtually nothing. Accordingly, the U.S. consumes between 15-20 million barrels of oil a day. And the reserves will need to be replenished with new stock that is drilled, transported, and refined. According to government estimates, the Strategic Petroleum Reserve had about 588.2 million barrels of oil and refined products. If all the SPR was released in full, theoretically, the U.S. would have about 1 month supply.
 
Please keep this non-political. I'm wanting only the ECONOMIC impact of this 1M barrels of oil daily. Will this suppress the price at the pumps?

Second question, would it not be more effective to just do a short-term moratorium on fuel taxes? Allow us to preserve our reserves?
I seriously doubt it. State of GA did away with state fuel tax a couple weeks ago until end of May 2022. One thing for sure, gasoline prices go up at the pump a lot faster than they come down.
 
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It's going to take some time for the oil companies to move personnel and operations to presently untapped wells. Can they do it in 3 months? If they're motivated by money they can.

If this release is ineffective then the price of oil will remain high and the companies will work harder to start or restart alternate sources.

If this release is effective then the price of oil will drop.

However bad the US has got it, Europe has it worse with their natural gas.
 
It's going to take some time for the oil companies to move personnel and operations to presently untapped wells. Can they do it in 3 months? If they're motivated by money they can.

If this release is ineffective then the price of oil will remain high and the companies will work harder to start or restart alternate sources.

If this release is effective then the price of oil will drop.

However bad the US has got it, Europe has it worse with their natural gas.
It's <1% of global production...what effect do you expect it to have? When Biden released 50M barrels in November and 30M barrels in March the price of gas did not move.
 
I don't think the price is going to stay out of line in relation to crude/bbl. for long-unless Big Oil wants to accelerate the rise of the EV faster! I still think widespread EV use is outside my lifetime (I'm 57), but $8/gallon gasoline would make it a LOT more attractive.
 
What will the price of oil have to do to get you, and everybody, to cut back on your consumption by 1%? That's the answer to OPs question. Where does one percent land on the price/ demand curve?
 
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