I agree with the idea of pursuing offshore drilling, although I really don't see it as a long-term answer to the continuing rise of oil prices.

I just re-read Jimmy Carter's televised speech from April of 1977.  While I was no fan of Carter (I voted for Ford, then with some trepidation, Reagan the next election), he seems in retrospect to have been quite on target regarding our future reliance on imported oil.  It is interesting to speculate what our current situation would be had the energy policies he championed been carried out, rather than being rolled back during the Reagan administration.

In general, it involved:

Increased work on clean coal usage, as we all know, our country has an abundant supply of coal.

Use and improve on solar technology and other renewable sources of energy production.

Most importantly, he stressed conservation.  I used to think it looked a bit silly when he would do his White House chats wearing a sweater in the winter.  Looking back, it all does make good sense.  Drive smaller cars, insulate houses, support decent mass transit.  Spend some of the monies we give to the oil companies on renewable alternatives.

By the way Kevin, shale oil production has been profitable from the time oil topped $45-50 a barrel.  I invested a fair amount in Suncor out of Canada eight years ago.  Profits were ok at the $35-45 range, but are exceptional now.  The western U.S. has perhaps the largest reserve of shale oil in the world, but it does not really work for automotive fuel.  I never quite understood why Exxon closed down their operation in Colorado years ago.

Scott, if congress does lift the offshore drilling ban, I will take your pump price down to $2 a gallon bet.