Comment by qlte

Huh? The oil price shock in 2022 and resulting SPR drawdown had nothing to do with oil leases. Prices almost doubled worldwide in the span of a week after Russia invaded Ukraine. Look at any chart of petroleum products and it's clearly visible as a huge, almost vertical line.

The explicit purpose of the SPR is to function as a lever to smooth temporary supply shocks. The US increasing oil output by a few percent in either direction wouldn't have made any difference to global disruption of oil markets from a major exporter to Europe starting a war and then getting sanctioned.