The opposite is quite true. It's American oil flooding the market that threatens themselves;
You combine this with fears of slowing global economic growth and
OPEC is planning a closed door meeting in which they will collude like the monopolies you'd all like to think "Big Oil Companies" collude like in an attempt to cut oil production and jack up prices. Thankfully they all hate each other almost as much as they hate the US, so they will unlikely cut oil production despite what they say.
The real issue is whether fracking technologies can be improved that American oil producers can still remain profitable at lower oil prices, and I believe since they largely employ the last vestiges of real, innovative and industrious Americans, they can. Better yet, the good news is that "peak oil" or a "post oil world" has been postponed beyond our lifetimes. We will not run out of oil in our lifetimes AND even if the mideast runs out, we got enough here in the US to last.
It is one of the rare bits of good news to enjoy in today's world, especially given this reality will continue to piss off environmentalists for the rest of their lives.