I would think if we are exporting oil, there will be more supply than demand, or supply will equal demand. With competition, the oil-producing cartel won’t be able to dictate the price. Then the price will be stabilized to a certain level.
We still import 47% of our oil - and that is after domestic oil production soaring to a 40 year high.
http://articles.latimes.com/2011/oct/29/business/la-fi-oil-boom-20111029
It is not certain that we will ever be a net-exporting country when it comes to oil. History shows that as oil prices decline then domestic production declines - a lot of American oil is more expensive to extract then Middle East oil.
Additionally, increased domestic production would be absorbed by a growing US economy and population.
We will never be able to challenge OPEC on production - our know oil reserves are tiny compared to the rest of the world. We will be dependent on foreign oil for a long time unless we fundamentally change our economy to slash oil consumption.