Maybe, maybe not.

Oil demand is still projected to go up, So it is yet to be seen if this new capacity will be able to surpass the rise in demand. My hope is it will, but oil companies will regulate how much they take out of the ground in order to control prices like OPEC does.

Oil is sold on the world market, so it won't necessarily mean a price drop if supply is tight, even if that oil comes from here.

So far Deltas refinery plan seems to be going well, and others may look to emulate. Who knows, but as the next step, Delta could eventually buy a small drilling company and a patch of land in Nebraska and drill for oil (much more complicated than that I know). Doesn't seem as crazy now as it did a decade ago.