People get all activist about supply (drilling, pipelines), but the only way to affect emissions is to change demand. Stopping one point of supply just diverts demand to elsewhere.
1. Raises prices or decreases total used
2. When prices are raised, encourages alternatives
It is similar to a carbon tax in its effects. Look at the diagram in the article and visualize the S curve moving left, and what effect that has on equilibrium.
Here is the thing: the US will be net energy exporter by 2021. As of now it is self-sufficient. At the time when we put such a emphasis on using less fossil fuels, we also have more and more countries producing the stuff.
All it did (Norwegians not drilling) is raised prices for the oil exported by the US. Thank you! Recently it has been very cheap. Hopefully this will help a bit.
So that's global perspective.
The local perspective I'm happy that Norwegians are so wealthy they don't need to drill as much anymore or can focus on other issues then providing to the Sovereign Fund. Good for them!
AFAIK Americans already don't plan to leave oil in the ground if it's economical to get it out. They can't drill more if they're already going to drill it all.
The problem is exactly with the demand for cheap energy. If the whole western world becomes carbon neutral we'll simply see the oil getting exported to other countries. There's plenty of margin for it to remain profitable.
Oil is easy to obtain and contains an amazing amount of energy in fluid form, can also be used for plastics and many other things. There will always be demand for oil, it's almost magical. We must still leave oil in the ground.