The price of oil is based on worldwide supply and demand. Increased U.S. production will not move the price of oil, decrease OPEC revenues, or affect the funding for Islamic militants. Future Asian demand and Russian supply are the big factors. Expanded North American reserves would have a military value in the event of a world war that denies the U.S. access to oil beyond its shores, but the odds on that are remote. Canadian oil sands would replace Venezuelan heavy crude at Gulf Coast refineries that can handle it, but that's about it. The only utility of that is to provide Venezuela with further incentive to come to its political senses, but I don't see how that's our problem.
The U.S. should develop its own resources. That brings all the value added of exploration and production back to the U.S., at whatever cost per barrel, up to $100. In economist terminology, it helps the balance of payments, but in simple terms it means jobs and prosperity for the U.S.: something that should have been done long ago.
Because of oil's energy density and ease of use, it will be the primary energy source for transportation, worldwide, for decades to come. Let's not get sidetracked by the renewable craze.
As for Canada, they can ship their oil here by rail or build/reverse a pipeline to their underutilized eastern refineries. Losing Keystone won't hurt them much, or us at all.
The price of oil is based on worldwide supply and demand. Increased U.S. production will not move the price of oil, How does an increase in US oil supply not affect the global price of oil? Increases or decreases in OPEC supply decrease or increase the global price. The US is significantly engaged in the global oil market, we import about as much as we produce. Increasing our domestic production decreases our draw on the global supply.
Future Asian demand and Russian supply are the big factors.
The US already produces more oil as Russia.
Expanded North American reserves would have a military value in the event of a world war that denies the U.S. access to oil beyond its shores
Reserves are not production rates. Oil in the ground does not match oil flowing to the refinery. See Venezuela for a great example.