Well, that should bring prices down - for about a month. What then?
Well what happens short-term is pretty obvious. After it runs out in a couple of weeks, we won't have the reserve and pressure will increase even more upon Israel to "take one for the team" and allow a city (Tel Aviv) to be burned off before attacking Iran.
Every president since the reserve was created has released oil for the wrong reasons: To affect the price of crude on the market. It was meant to provide a short-term buffer if the Arabs get another wild hair, as they did in '73.
Even al Reuter news recognizes this is an election year stunt, right there in the first sentence.
A month? I'm confident we'll see prices lower until right around the first Wednesday in Novemeber. And on this day they'll shoot back up again.
Enjoy it while you can.
strategic reserves? A nickel, a dime?
It will not have 0.000000000001% effect upon the world price of oil, just gives the Asian countries more oil to buy.
This only brought down prices a few cents last year when he pulled this.
It will have virtually no impact.