Leo at Peace Corp Writers provides an interesting perspective on incremental drilling, marginal pricing and the relevance of North Sea Oil in understanding the current sentiment around crude oil prices. His pitch is simple. Demand is static, focus and fix the supply side to control oil prices.
No. The FAIR blog says it will take about a decade for even the trivial impact to flow through. Also see the slightly dated but still relevant Failing to do the Math on Oil entry at the same blog