Not enough oil. And it doesn't matter. Even if we drilled here it would still go at "market rate" since it's a commodity.
transportation costs would be lower.
But it would increase supply which is the main factor in prices.
Yeah, let's just throw in the towel and keep the Mid East oil syringe in our arm.
Oil is a commodity but like all laws of supply and demand.
If you impact supply to the positive, prices should drop.
OPEC has 2 choices if the US started producing more oil, they can decrease production in order to hold prices up or they can have a sale.