>Another billion or so from the US would have very little impact on prices.
I’m tempted to laugh, but it would be counter productive and you might take it the wrong way.
To correct you, it would have an IMMEDIATE impact on prices here in this country.
A change in current policy would be the dynamic that would drive down prices for a decade.
There is only one price for a barrel of oil, and that is the world price.
How much an additional 3% production would impact the world price depends on demand elasticity. Oil is typically low-elasticity, so in theory a 3% increase in supply would have a considerable effect. However, this is in the absence of other factors, such as a corresponding Saudi cutback to maintain price levels.