This is an awesome thread started by Big_Orrin that describes the economics surrounding the SPR release - especially concerning the 32 mmbbl swap portion. I personally learned a lot from detail in this post. The swap portion of the release is not as cut and dried as one would imagine.
I can see why most of the barrels will go to India and China. The US refineries won't have anything to do with them. Too much quality risk. Salt, heavy metals, etc.
Happy Thanksgiving to all.