Benzyol Peroxide and Moisturizer?

This might be an odd question but does putting on moisturizer decrease the effectiveness of benzyol peroxide? Personally I *HATE* benzyol peroxide with a passion because it severely over dries my skin, even though I only use it once a day. Because of that I haven't used it in years, however I just switched birth control and had a moderate breakout that my normal routine just couldn't handle. I broke down figuring I might as well try it before going to my Dr for antibiotics since I seem to have recently developed a severe allergy to a couple of them and don't feel like pressing my luck.

It is helping but as usual is SEVERELY over drying my skin, it wasn't this bad even when I was on accutane. I know that's how benzyol peroxide works to cure the acne so I've just been using it at night and putting massive amounts of moisturizer on in the morning but by mid afternoon I'm already dried back out. I was thinking that moisturizer at night would help but I don't want it to counter act the benzyol peroxide since I don't want to use it any longer than I have to (i.e. the second my break out is gone, I'm dumping the stuff and going back to my regular routine). Other than a very mild organic soap to take off my make up and a gentle face wash with low % of salicylic acid (from Philosophy's On a Clear Day System) I'm not using any other acne products in an attempt to minimize the drying effects but even then....

So simply, will putting on a heavy moisturizer over the benzyol peroxide decrease the effectiveness?