What effect would an additional 1-2 million BPD of US production have on an oil market that currently is sees demand at 86 million BPD and rising?
If the US currently has 4% of global proven reserves - approximately 21 billion barrels, how long can it continue to produce approximately 7.5 million BPD assuming consumption neither increases nor decreases? What is the time period if it pumps 2 million more bpd?
If you figure these things out, you might rethink your position. I will make a bet though - you won't bother. Keeping with the saying, "you can't reason a (wo)man out of something he wasn't reasoned into", you can keep believing your myths, but they are myths nevertheless.
Quite a big effect probably. Prices are set at the margin and the addition of a couple million barrels to the market would have an impact far beyond its percentage of the total.