When a moon stretches, because of the tidal effect, it's gravitational attraction to the planet will become bigger by
[tex]\frac {m_m m_p G d r } {R^4}[/tex] where d is the height of the bulge, r is the radius of the moon and R the distance to the planet.
(this is actually a simplification, assuming that the mass of the moon is divided in two halves, at a distance R+r+d and R-r-d from the planet. The real effect will be smaller, but proportional to this).
If there was no friction, Io would be the most elongated when it was the closest to Jupiter.
Because the stretching and compression lag , Io will be slightly more spherical when it is moving towards Jupiter, and slightly more stretched when it is moving away from it, so the gravity is slightly less when Io is accelerated as it is moving towards Jupiter, and slightly more when Io decelerates as it moves away from jupiter. This will produce a breaking effect.
If Io was 10 meters more stretched on average when it was moving away from Jupiter, this would produce an extra gravitational force of 6.5*10^12N. This force acts over the 3400 km difference between perihelion and apihelion and would leech 2*10^19J/rotation from the planet, or about 1.3*10^14W.
The surface area of IO is 4*10^13 m^2 so that means about 3.2 W/m^2 of heat is produced. This compares to less than 0.1 W/m^2 of heat produced in the interior of the Earth by radioactivity.