First, the announcement by the U.S. of an immediate move to begin outer continental shelf drilling would send oil prices downward and probably significantly as the speculators' premium vanished quickly. No one wants to get caught holding the contract for high priced oil when new reserves are discovered. Make no mistake, the refusal of Obama et al to push for outer continental shelf exploration is costing you a great deal at the pump this very day and every day the ban remains in effect.
As for the argument that the reserves are not that great, this ignores the entire history of oil exploration, where new discoveries and new fields often bring huge new reserves into view. That's why it is called exploration. The huge reserves in the North Sea weren't discovered until the 1960s. Huge new discoveries off the coast of Brazil were reported in 2007. Combined with new (and very environmentally safe) extraction technologies, the canard that reserves can't possibly be enough to help is exposed as just another thin facade over the DDDs' extremist agenda.
The worst argument put forward by the DDDs though is the one that says oil companies aren't using all of their existing leases to begin with.
First, a lease isn't an entitlement to drill. It is the first step. Every single environmental rule must be complied with after the lease is awarded, from land use permissions to permits to work near endangered species. (This is why the polar bear listing was so crucial to opponents of exploration --they got another club to beat would be producers of energy with.)
Second, the award of a lease doesn't guarantee an oil field is beneath the land leased or that the cost of extraction makes sense. Lots of leases are prospected and most are found wanting. But we know there are huge deposits of oil on the outer continental shelf. Scientists have confirmed it.
Obama and the Triple Ds are singing from the old statist hymn book, and they increase the volume every time another American looks up and uses common sense to conclude that he and they are standing by while the standard of living of most Americans slip on the altar of extreme environmentalist ideology.
We can drill our way out of this problem. The problem is the Barack Obama, Nancy Pelosi and Harry Reid won't let us.
The choice in November is clear. A vote for any Democrat from Obama on down the ticket is a vote for $10 a gallon gas. Obama and his allies don't care now and they won't care next year even if Obama wins. The change you will get if the Democrats get the presidency plus the Congress will be prices at the pump skyrocketing.