That's assuming we do business with them. Look Russia and the Caspian area have enough oil for the "free" world. Let's strike up a deal with the countries in that area. Leave OPEC out in the cold. They won't have any buyers for their oil.
Mexico, too produces oil...we could buy exclusivly from them to boost their economy and thereby curb the influx of unemployed Mexicans to our southern states.
The real crux of the matter is if our populations is willing for pay $2.50/gallon for gas.
The Caspian Reserves have been hyped. They are adequate not vast.