Economists seem to agree with you that the short term affects would be marginal. Implementation time is not insignificant. Oildrum.com states it takes at least two years to build a rig(<link>). My favorite reference, the Slate Explainer, said it would take between 5 and 10 years for actually oil output in ANWR. The NYT's reported recently the availability of existing rigs is low. Also, the price of new rig production is rising (I suspect this is due to high raw material commodity prices). Although some argue the intent on drilling would adjust short term prices, the actual supply would not come until later.

I don't fully understand why we should or shouldn't be drilling. What are the benefits, risks and potential outcomes of this drilling? (I did read the recent Slate article on this subject).

In any case, I love the Political Gabfest. Keep up the good work.

JerseyMike