Recent history has shown that if you open up drilling and exploration that oil prices fall dramatically.
Drilling has been "open" for decades.
It's just that the shale-oil isn't as economical as the $0.25/gallon stuff the Saudis can pump out. It's why most US operations went under when the Saudis dropped oil to $50/bbl.
But, I'm sure you forgot all about that part.