Higher oil prices will make previously uneconomical deposits more attractive extraction targets. That's exactly what happened with our Alberta Tar Sands, which is where a huge amount of US oil now comes from.

http://en.wikipedia.org/wiki/Tar_sands

We are actually your #1 supplier, ahead of Saudi Arabia. Good thing we're friendly, huh?

http://www.eia.doe.gov/pub/oil_gas/p...nt/import.html