I don't think thats entirely true, if we could flood the market with oil the price would force lower and be more stable because it would be coming from a stable source. You're right it could still force higher, say the big flood of oil came from Alaska, then pipeline issues would become a concern. If it came from the gulf then gulf weather issues would influence prices. A large increase in North American supply would force prices lower though, theres no doubt about that.
That said it would take YEARS for that to happen. Even if we could start 100 holes a day right now (which we can't, it takes time to setup) it'd take days to drill the holes, and then even more time to setup pumps etc.
Finally I think you're right, pull oil from elsewhere first, and incidentally let them develop the technology, and then worry about our supply.
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