Off shore drilling = a 3% increase of the amount of domestic gas made available to the American Public in the year 2015 at the earliest, and will have virtually no effect on price.
Demand from China and India made the price go up, a demand we all knew was coming.
The war in Iraq decreased supply to the world to a tune of about half it was before the war (from 3 million barrels a day down to 1.8 million barrels a day). For comparative effect, the increase by 2030 from the expanded off shore drilling is about 200,000 barrels a day, or the equivelant of about 11% of what was lost from the Iraq war.