If it were 1950 to 1975 new US Oil Drilling would be useful! It is now to late for that. If it were just the US demand that effected the price of oil that would be useful. However, world demand for oil has risen and is continuing to rise so fast that new oil drilling in the US would be like emptying a sinking ship with an eye dropper.
Besides, the world is running out of oil. Because of China and India's oil demand the world could run out of oil as soon as 2020. Even without their ever increasing demand for oil we would run out for sure by 2050. Oil companies want you to pretend the dynamics are still 1950 to 1975 because if you switch fuels they lose money. But if you don't your family and friends might be suffering in ways you presently can't imagine if you listen to the untruths that big oil and big car manufacturers are trying to make you believe. It is all about money. Your long term survival and the survival of your family and friends means less than nothing to them. If it did they would tell you that oil is running out and that only the big Saudi Oil fields haven't already peaked and that NO BIG OILFIELDS HAVE BEEN DISCOVERED SINCE THE LATE 1960s.
Drilling won't help because it is not 1970.
Switching fuels is the only way the world can survive this long term now!
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