No, the reason why oil prices dropped is because of a world economic collapse which led to an immediate decrease in demand compounded with the expectation that demand would further decrease or not increase for the foreseeable future.
And with the current price of oil there will not be an expansion of domestic drilling. Instead, domestic drilling is decreasing.
Drill, Here Drill Now is Dead!
the very day Bush announced the leases were reopened the OIL spectulation market sank and it stayed that way !
Other market forces kept it down like Soros crashing the markets for his sock puppet.