The Center for Individual Freedom explained the process:
In the month since President Bush rescinded the executive order prohibiting drilling on the Outer Continental Shelf (OCS) and the Arctic National Wildlife Refuge (ANWR), the price of oil has already plummeted. From its record high of over $145 per barrel in July when Bush signed the order, the price has tumbled some 21% to $115 in one short month.Be sure to read the entire article here.
This is because the market price for oil partially reflects future supply expectations. Accordingly, any movement toward reliable, secure, domestic sources of oil and gas sends the signal of increased future supply. This helps offset current uncertainties surrounding such volatile oil- and gas-producing areas as the Persian Gulf, Venezuela, Russia and Nigeria, thereby assuring energy markets of a more dependable flow of future energy.
Drill here. Drill now. Pay less.