"... caps every well ... what will the result be ...? ..."   Well, motley, you may be interested to know that some academic climatologists have used the doom-and-gloom climate models to "run the numbers" on such scenarios as you describe to calculate their effect.  Here's a quote from Judith Curry:  

"It has been estimated that the U.S. national commitments to the UN to reduce emissions by 28% will prevent three hundredths of a degree centigrade in warming by 2100."

That's right - 3/100ths of  degree.  (We'll pause a moment here and let Eric and James run outside to see if their thermometers can even resolve a difference of 3/100ths of a degree C.)  ;-)