Democrats claim that drilling off shore and in ANWR would not have any effect on prices immediately, and ignorant Republican Congresspeople agree with them. But, in reality, such drilling plans would have an immediate impact on prices. This was borne out recently when President Bush rescinded the executive ban on off shore drilling and oil prices fell $20 per barrel. (The reason T. Boone Pickens plan and conservation plans don't have the same result is that oil producers don't think those activities are going to have any impact over the next 20 years, whereas more oil supply would have an impact within a few years.) Here is an article by an economist, explaining how this works. Nancy Pelosi may not understand this, but I suspect most Democrats from oil producing states do, but are afraid to challenge the DEmocrat establishment who are trying to protect Obama from his stupid position on drilling. Here is the article:

http://mises.org/story/3047