An improved preformulated internal green tire lubricant and bag release composition is disclosed which comprises a silicone fluid; an alkylene oxide polyol; a particulate solid for providing air bleed channels between the expanding pressure core and the green tire, the amounts of silicone fluid and polyol combined being present at a weight ratio of at least 0.6:1 with respect to the particulate solid; an organic hydrocarbon solvent; a thickening agent; a small effective amount of unsaturated fatty acid to improve lubricity and wet-out and sufficient suspension agents to provide a stabilized, non-settling suspension. A process for decreasing friction in the bag molding of tires using such a composition is also disclosed.