Waiting a few years? Until gas is back up to $4.00 gallon...and we're still ten years away from pumping a barrel?
There's no econmic reason for not continuing with the plan -- bidding the leases and allowing the lengthy exploration phase to begin. Then, when we need it, we'll be that much closer to production.
The only reasons against it are political.
Moreover, shutting down the operation favors only two groupx -- OPEC and the oil speculators.
Remember how the price started cranking up after the Democrats took over Congress in 2006 -- signaling for all the world to see that they would attempt to block additional domestic energy production?
Remember how the price started coming down only after the GOP House held their "sit-in", spotlighting the stupidity of the Democrat policy, resulting in a lifting of the ban on offshore drilling (and serious consideration of ANWR)?
Continuing the policy would serve to a.) keep oil prices low and b.) set the stage for development of the reserves once they are needed.
The fact is that the number of domestic drilling projects have decreased over the last six months and that decrease in the rig count has nothing to do with the federal E&P restrictions.
Instead, the rig count is down due to the decrease in the price of oil.
If you would like to see an expansion of drilling in the United States, you will need to pay at least $3.00 for a gallon of gas.
At oil prices under $40/barrel, no oil company is going to do any exploring any time soon. There's an economic reason for that.