Other than losing money, nothing would happen to WORLD prices. Remember, when you hear the daily Platt's pricing, that's the price the oil companies PAY the Saudi's or the Russian's or even our neighbors to the north in Candad for crude oil.
No, they cannot significantly chance the oil prices. What they may be able to do is bring some stability if perceptions about the market are changed but I don’t think this is likely. If supply is not a problem as some on FR have contended, then the only thing that may help is stabilizing the dollar, which I don’t think a single industry can affect given the size of the government influence over the currency.