Well I fast forwarded past the politics so if this point was mentioned somewhere in there forgive me.......

I think with China and India entering the picture we will not be able to drill faster than we consume and with greater demand what is the incentive for the producers to increase production? The bottom line is the bottom dollar, until there are enough competing energy sources oil producers will be able to manipulate the market price for oil.

As to the more specific fallacy that if we increase drilling in the USA we will lower our gas prices. The fact is that the companies that do the drilling are large multinational companies that sell their product on the international market. Do you think the fact that the oil is drilled in the US or Iraq affects the market price? Look at Alaska, it produces large quantities of oil every day and guess which state has the highest gas prices-Alaska.
I know there are other factors that cause that to occurr but my point is that the market determines the price of oil not the location. Unless the US decided to nationalize its oil and sell it below market prices domestic oil production will not affect what we pay at the pump.

If you want cheaper gas right away look at how it is traded as a commodity and how the price is affected by market speculators. A car bomb goes off in Baghdad and the price of oil goes up in minutes because traders on Wall Street panic. Change that behavior and you can have cheaper gas tomorrow. Try to drill your way out of the problem and all you do is maintain the status quo and make a small sector of the economy even wealthier.