Let's See: Release Oil Today for $90/Bbl; Buy It Back Next Year to Refill The Reserve at $100/Bbl

The government is willing to sell 30 million bbls this month from the reserve for $90/bbl --> $2.7 billion.

Then, the government will buy 30 million bbls next year to refill the reserve at $100/bbl --> $3.0 billion. And, of course, taking oil off the market to put in the reserve will raise the price of oil, all things being equal.

And so far, "no one" agrees that there was an emergency requiring release of any oil in the first place, except IEA, I guess.  Oil is now slightly higher in price than before the release was announced.

And the amount of oil released from US reserves amounted to 8.5 hours worth of global consumption, if it's true that the entire amount (60 million bbls) represented 17 hours worth of global consumption. I haven't confirmed those figures yet with The New York Times.