The Trump administration move is in conjunction with the International Energy Agency action and comes as shipments from the Persian Gulf remain constrained.
And the article says they’ll be releasing it over the course of 120 days. Maybe it’ll bring the price down by a few percent, not enough to be noticeable.
It’s just not practical to store enough oil to make any long term difference, we use too much of it and it’s too valuable to leave lying around unused.
The world uses 102 million barrels per day.
https://www.worldometers.info/oil/
And the article says they’ll be releasing it over the course of 120 days. Maybe it’ll bring the price down by a few percent, not enough to be noticeable.
It’s just not practical to store enough oil to make any long term difference, we use too much of it and it’s too valuable to leave lying around unused.