Steve Israel wants to tap the Strategic oil reserve. There are 700 million barrels in the reserve; the US uses 20 million barrels a day, so the reserve is little over a3 month supply. Negligible on the world market.
Steve doesn’t say how much he wants to use – it’s a strategic reserve and it would be foolish to release all of it; he doesn’t project what this will do to oil prices – it won’t have any effect since there is very little available compared to the world wide daily market; he doesn’t say how much the US should sell it for or how it should be replaced. His plan seems to be for the Feds to buy oil at the market prices and sell it at below market rates. That would keep gas prices down and could borrow more money from China to keep that system going. Steve’s suggestion doesn’t make much sense but this is the same guy who wants all states to receive the same amount of money back from the Federal government as the states send the Feds in taxes. Why we listen to economic wizards like this is a mystery.