It sounds like a thought-terminating cliche. Sort of like saying that we should solve all our problems on Earth before we start exploring space. If Saudi Arabia's marginal oil is less cost-effective than fracking, then it's better for them to stop extracting as much and us to extract more. Are you trying to say that we should stop our own production first regardless, or that fracking has the lowest cost-effectiveness and we should worry about fracking before drilling?
Changing oil extraction rates is a complex political issue where price isn't the only variable that matters. Neither of the statements you made matches the one I made above.
This thread is for asking any questions that might seem obvious, tangential, silly or what-have-you. Don't be shy, everyone has holes in their knowledge, though the fewer and the smaller we can make them, the better.
Please be respectful of other people's admitting ignorance and don't mock them for it, as they're doing a noble thing.
To any future monthly posters of SQ threads, please remember to add the "stupid_questions" tag.