From the NYTimes (Will $4 ...):
The federal Energy Information Administration estimates that 18 billion barrels of oil are in the area covered by the moratorium, and the White House says that is enough to match current American production for 10 years. But a 2007 analysis by the agency concluded that opening up drilling in the moratorium area “would not have a significant impact on domestic crude oil and natural gas production or prices before 2030.”
Current "U.S. Weekly Crude Oil Field Production (Thousand Barrels per Day)" is about 5 million barrels per day and 35 million barrels per week. 18 billion barrels over 10 years is 1.8 billion barrels annually. Weekly that is about 34.6 million barrels.
So, we could double domestic oil production for 10 years if the moratorium is lifted. It seems like that could make a difference on price since domestic production appears to be about half of imported oil.
Fact checking needed: I've stared at the 2 EIA links above for hours and hours (actually, minutes and minutes) and my last statement seems correct. But my gut tells me I'm reading the data incorrectly. Could someone with deeper knowledge of these data clue me in?
Note: In 2030 my kids will be in their mid-to-late 20s and ready to enjoy some cheap gas until their mid-to-late 30s!