However it will be 10 years before the first barrel can be produced and 50 years to produce 10 billion from the field.
Add 2 or 3% to the worlds supply of oil and watch the price drop like a rock.
I doubt that opening ANWR will cause any major change in the price of oil. It will change a small part of who and where the profits go. Assuming extracting, transporting, refining, distributing, and retailing make 50% of the price of a gallon of gas. The rest coming from the price of oil. Now, assuming the owners of the oil is the USofA, what will the price be? It should be free for supply to the U.S. But, based on past performance the government will say that it should be market price to bring the maximum return to the taxpayer. This will be a tax, because, it will be paid to government. Since it is a regressive tax, refunds will need to be given to poor and middle class by higher taxes on the rich. In all fairness the cost of the oil must be free. So, the price of gas will remain high or go higher.
There are two ways to solve the problem. Run out of oil, so, something will have to be done. Or, allow the price to go high enough for alternatives to be competitive. And, let the market then bring the price down. The 80s saw the price of alternatives at roughly 5 times the price of oil, and, the way to kill the alternatives was to keep oil cheap.
The only thing worse than high gas prices is no gas.