You can not drill your way out of the 2011 gas price problem. Not to mention there is no oil shortage.
When you drill, that's all you're doing is drilling. Drilling is just a game of "dibs". You get a lease to drill if you find nothing tough luck, but if you find oil, you get to cap it and stuff your well in your pocket for another time. (Presumably at a time when the Speculators in your other pocket have raised it's value.) You drill, you cap a well and you move on. They don't stay to pump it. What do you think Deepwater Horizon was doing...pumping oil? No. Deepwater Horizon just floated around making holes in the ocean floor for someone else to come back later and pump or not.
This is why I say there is no shortage even in the long term. We have plenty of wells just waiting to be reopened on the floor of the Gulf of Mexico alone. Just waiting to be tapped and pumped. Our drilled wells far out number our "production" wells. Our current pace of drilling is just fine and far exceeds our pumping. What you should be asking for is more pumping. But since the battle cry is not “Pump, baby, Pump” - I have to assume there is some other motive. Which is "Just mark as much territory as you can, as fast as you can". If you can fool the general population into thinking you're doing it for them, well hey, that's just a force multiplier.
Because of all this, even if you found a huge reserve of oil right now with tanker trucks ready to roll prices would not drop. There would just be more oil to stoke fear that it won't be there. Price is gauged on the FEAR that there might be a shortage.
I'll say it again. You could find 10 huge oil fields (be they terrestrial or submerged) today, complete with pumps, tankers, truck drivers and refineries, I’ll even throw in gas pumps - AND THE PRICE OF GAS WILL NOT DROP 1¢.
In the end, you HAVE to get rid of the Speculators, because no matter how much oil you have, there will always be fear that you won't have it later. With the current process, 'supply and demand' is only used as a subconscious method of oil pricing.