First of all...screw the “gang of ten”.
Now that I’ve gotten that off my chest I will answer the question posed in the headline: The price of oil will fall immediately.
Then they really need to open up ANWR.
The oil companies will take care of the rest.
It already has partly on the influence of "Drill here. drill now" om Oil Futures. Oil futuures get increasingly risky because no one knows which member of OPEC is gonna break first and start pumping more oil in order to undercut the "drill here, drill now" political movement. This is excellent.
Of course we need to drill, and the sooner the present law sunsets, and a leasing process is begun, which is BONA FIDE, and not a way to nickle and dime the Oil Companies, or to allow China invasion platforms just off our coast, I am all for it!!!