A composition including an alcohol absorbed polyalphaolefin that functions as a drag reducing agent and a process for the preparation of the drag reducing agent are disclosed. The process includes the steps of contacting alpha olefin monomers with at least one catalyst in a reactant mixture to form a polyalphaolefin. The polyalphaolefin is then contacted with at least one water insoluble alcohol for a period of time to provide an alcohol absorbed polyalphaolefin that is used as an improved drag reducing agent. Processes for reducing drag in a conduit are also disclosed.