Honestly, I could care either way. Drilling for oil would be a short term remedy whose benefits would be almost negligible (according to some) and it would take a couple of years to even appreciate the effect. As we all know, drilling gets more expensive as oil prices go up due to the raw materials needed, so the break even point for most sites is exorbitantly high right now.
Would it help? The only way to find out would be to go ahead with it, but I fear that it's too little too late. The free ride had to end eventually. Besides, while we're complaining about $4-5 a gallon, most other developed countries are paying twice that amount. It's all a matter of perspective.......