Mike Rapoport wrote:

There is more refining capacity offline that production capacity.
Releasing crude from the SPR will do nothing.

Percentage-wise, that is correct. However, the SPR oil will go to
refineries (mostly in the Midwest as I understand it) that are streamlining
gasoline production (thanks to the EPA relaxing regional formula
restrictions). This will help reduce or eliminate shortages.

Even if that's not the case, releasing the SPR signaled the market the
government will Do Something to settle oil futures prices.

Even if the effect of SPR oil on actual short-term fuel supplies ends up
being minimal, releasing the oil is the right thing to do. This is the very
type of emergency it should be used for (even if it was a different type of
emergency that spawned its creation).

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John T
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