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I really don't see how drilling would help. There's a pretty inelastic demand for it, so the oil companies are price setters. Competition would keep them from having that power (since while they would still be price setters, but profits would be less astronomical because they'd be trying to undercut each other) but there is little competitive about the sale of gasoline. Also, oil is a global market, so ANWR would be a drop in the well (NB: the US is an oil exporting nation).
If you want the prices to drop, the government has to break the companies up (even the ones that are "separate" companies) and stop allowing it to be traded on the futures market.
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