It's something to be explored but it wouldn't solve our problems in the near term as any new exploration would take years to get set up and exploited.
"It" very likely would have an important impact today, if we had just drilled the area when the potential was first recognized. Instead, we just sat on our butts, spouting all sorts of rationalizations (it's only a year's supply for the whole country, the frozen wasteland is a world treasure, development will take too long to help with short-term price spikes, etc.), and ignore what could be tens of billions of barrels of oil. The same holds true for the Pacific outer continental shelf: there are oil and gas fields there that were discovered decades ago, and that are still not producing.
It's time to tell the environmental exremists (and their D*mocrat toadies) to take a hike, and develop the energy resources we have right here at home...
;>)