30 million barrels is literally 36 hours worth of oil, barely a squirt of piss. If it freaks the speculators into driving down the price more power to him.
It was a price dip. Oil prices are recovering today.
Well just checked. Oil is off 54 cents per barrel. Gas is down 6 cents to $2.77.
So it's been an up and down day.
Prices have been in a slow decline for about 5 weeks now.
The order to release oil from the SPR has little to do with the market price.
It wont do anything except roil markets. It will permanently bring prices down. It will not assure a new supply. It will not make it easier, more efficient or more profitable to search for new oil.
A political miscalculation every bit as enigmatic as anything else this faker does.