The more oil/gas you produce, the more likely the price will go down if simple economics hold true. But energy extraction is never that easy. Truth be told, there are probably not that many oil/gas reserves that can be cheaply extracted and oil refineries are very expensive and time consuming to build. It may take 30+ years of processing to have them make back their investment.
It's also weird Trump singled out the Saudis for keeping supply down and driving up prices. Though not really since Trump has courted the house of Saud for some time now. But it does bring up the possibility Trump/House of Saud drove up prices to hurt Democratic prospects during the last election now doesn't it?
I'd be most amused to question the drill baby drill about their thoughts on peak oil. Most sane people realize there's only so much oil left in the ground and tapping new reserves is becoming more expensive and more environmentally damaging (not considering CO2 impacts on climate). Would love to see how many of the drill baby drill folks believe in abiogenic petroleum generation, which is 
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