RE:SPR release effectThe other item to consider is refinery utilization...normally we see ramping up April through Summer...this is why we needed builds early Sept-Mar
When refineries are running full steam there is not much bandwidth. We will soon find out next week when the EIA reports again as we start spring/summer.
1234bmth wrote: This effect on the oil price will be very short lived, may be a week or max 2, the important factors are demand and production, what if demand increases by another million or more b/d as air travel is picking up and driving season is a head. Would Biden administration be able to release another million b/d? Of course not. This is just a political game to tell Americans that we are trying to reduce the gas price.
If demand decreases or production is increased more than demand then the price of oil will stay low for longer.