Not really. Not all oil is the same. US has been begging Venezuela to sell them oil recently and got ignored. What Venezuela provides is heavy sour blend, the stuff that makes kerosene to bunker fuel. Syria and Libya doesn't produce a heavy sour, or not significantly anyway. Iran got some, but US don't want to talk to them. Basically US shot themselves in the foot, beacuse lawyers think all oil is the same.Lawyers and bankers are being instructed by the big corpos like oil companies. A simple trick is to keep Venezuela, Iran, Syria, Libya out of the market to keep the prices up. Do you believe that anything has to do about freedom and democracy? It's about "give me your oil for free or you will be blocked out of everything". The oil market is overmanipulated both from USA-EU and OPEC. No need of new wells or else
Even if US get some oil for free, they still can't do anything with it. Even light oil production from fracking is going to dive off a cliff in a few years, just too capital intensive and we'll depletion too fast.
There is plenty of oil market manipulation I agree. But supply and demand is still in play. The only countries with spare production capacity are Saudi and Russia. What they produce are pretty wide range in light and heavy. But the sapre capacity is going to be light or heavy, or sweet or sour, no one really knows. If the spare is not what the market needs, it essentially doesn't exist.