Probably not--because it would make no difference in prices. The oil prices are being manipulated and driven up by the oil companies and OPEC. For releasing oil reserves to have a major effect, the oil market would actually have to be a true free market--which it is not.
That is NOT a political comment--its a fact. Based on economics--and in particular on the "neoclassical economics" the conservatives use.
A true free market in a commodity requires that competitors not work together but actually compete. It also requires that government(s) not intervene in the market. Neither is the case with the oil commodity market.
However, first you have the bulk of the worlds oil supply produced by state-owned agencies--and these are part of a co-operative cartel (OPEC) that routinely fixes production at arbitrary levels that often have nothing to do with market demand.
Second, US oil companies openly act as an informal coartel and also manipulate supply--and enjoy a protected legal position within the framework of US energy policy.
Third, even if we did release more oil , it would not add a drop of gasonline to what's on the market. US refinery capacity is running at maximum. You wont have any more gasoline--no matter how much crude oil you have--unless more refineries are built. The oil companies have refused to expand refinery capacity for over 15 years (they've even bought out and closed some independant refineries). Why? That should be obvious--by creating an artificial shortage they drive up the price. They might make 10% more by building he refineries to meetdemand. But they've tripled the prices and more than tripled their profits by NOT building the refineries.
Finally--under current US policy, entry into the energy market by new players is virtually impossible--thus giving US oil companies a de facto monopoly.
So don't expect the release of oil reserves to cause a major price decrease. In a free market, that would work. We don't have anything resembling a free market in oil.