What you fail to take into account is the degree to which global prices are subject speculation and implied risk to transporting oil from the Middle East sources, AND that we actually have little more than a pipe dream for a national energy policy.
Also, the fact that the dollar is weak for several reasons, among them a trade deficit. That is helped when we buy less oil from outside our own country.
And it's helped again when we export refined oil products (gasoline) out of Texas because their product commands a lower price there than the world price, so they export.
That is a plus-plus for our trade deficit and strengthening a weak dollar.
We should do virtually everything we can to "do all of the above" and quit the argument that being self reliant, at least in North American markets, wont help drive down the cost of oil/products.
Oh, I agree, the speculators are a large part of the problem, and a lot of them should be investigated criminally....
But the only time anyone talks about despoiling the land is when oil prices go high enough to make it worth their while.... Otherwise, we are happy to let other people despoil their own countries.
I say, if we have reserves, let's hold on to them until everyone else runs out... if you want to be totally calculating about this.
Or we could actually invest in real technologies that are out there, but the Oil Industry owns too much of congress for that to ever happen.