Well it's a little more complex than "Drill Baby Drill" but not by much.
We have enough natural resources in Coal, Natural Gas, Oil, Wind, Geo Thermal, Hydro-Electric plus new technologies being fully developed like Solar and Hydrogen in addition to Nuclear Power to carry us through to the next millennium without having to purchase a drop of oil from elsewhere.
Energy independence makes us a VERY dangerous country as most are not. Think what energy independence gives us as a nation.
JOBS - With a Capital "J", not friggin' Mickey D's minimum wage jobs, Actual jobs that will enable you to buy a house and raise a family,
WHAT A CONCEPT
More High Paying Jobs equals what? More tax revenue to lower the debt.
Balance of trade deficit lowered if not eliminated strengthening the dollar.
More government revenue from oil, gas and mineral leases at market rates, not the sweetheart deals of today.
We tank the price of crude worldwide to a fair market rate which drys up a lot of the funding for terrorism. OPEC can only slow production to a point as member countries have economy's built around oil producing a certain level of income. With a little luck they'll be back to trading camels in no time
Couple the above with a pull back of our international empire and we have a shot at full employment, sound money, lower taxes with a very high level of homeland security as we can't be leveraged by foreign powers unless we think it in our best interests.
Now does the above mean we abandon environmental concerns? I'd say quite the opposite, we make sure we have streamlined permit procedures that allow companies to get up and producing quickly and environmental standards that are stringent, enforced swiftly with enough punitive damages that will make it in a company's best interests to run safe operations.
We can do this and be free and prosperous as we were in the past. However it will take a commitment similar to the effort that won WWII and I'd argue that this time the stakes are higher. We can tweak the tax code to create an alternative energy trust fund that takes a small portion of energy companies profits to fund research so when we do begin to run out we have the technologies in place to hit the ground running and remain energy independent Long after our kids grand kids are dead. Now is the time to take the bull by the horns and develop every type of energy source we can as IMO our future as a nation is at stake