No matter how much we drill the oil is always sold at market price duh. And China/India/Brazil appetites for oil are going vertical. There is no US policy that can change that. Drill baby drill ain't going to do squat too the price. The rate of demand increase is simply too great.
What we need is a game changer like this developed right here in the good old USA at Oak Ridge Nation Labs back in the 70s: http://en.wikipedia.org/wiki/Liquid_fluoride_thorium_reactor.
Guess who has been to ORNL repeatedly in the last 10 years interested in that technology? China of course. They are trying to copyright and patent LFTR design technology so they can sell it back to its creator, USA.
The US we went from zero to the moon in eight years so we should be able to commercialize the LFTR in what, five? That design is safe, has minimal waste issues and best of all, we have mountains of fuel for it right here at home.
Imagine every refinery having its own reactor to synthesize hydrocarbon fuels from CO2/H20. The middle east could go back to camels and tents, the world could zero out net C02 generation and we can have 75cent/gallon fuel again. Wheeee.
Just dreamin, Tom P.