Its a GAS shortage, NOT an oil shortage...

"The storm already forced the shutdown of an estimated 1 million barrels of refining capacity along the nation's Gulf Coast.

The expected move would be designed to give refineries in the area a temporary supply of crude oil to take the place of interrupted shipments from tankers or offshore oil platforms affected by the storm. It would not be intended to keep a lid on soaring gasoline prices." - Fox News

Think about it. We don't need oil. We have 700 million barrels extra! What we need is GAS! Refineries in the United States are now operating at 98% capacity. We could find a trillion barrels of oil and gas prices in the short term would remain the same.

Fact: Environmental groups, through law suits and lobbying, have prevented the building of a new refinery in the United States for over 20 years.