SummaryIt has been argued that the phenomenon of alcoholics experiencing mood deterioration during a heavy drinking bout discredits the Tension Reduction Hypothesis of alcohol consumption [6]. An experiment is described which sought to illustrate two ways in which this phenomenon and the hypothesis are compatible. Nine male alcoholics consumed 6gm of alcohol per kg bodyweight in 16 equal doses over two days. Ratings of mood and related physiological indices were used. In the long‐term the physiological measures were elevated on the second drinking day and yet individual doses of alcohol lowered these throughout. Severely alcohol dependent subjects showed corresponding effects for subjective ratings ie long‐term mood deterioration with short‐term improvement. All subjects expected continuing to drink to be reinforcing relative to stopping. Thus alcohol may retain tension‐reducing properties, and alcoholics may expect these, even if affective state was worsened overall during a drinki