The average price in 2001 was $19 to $30.
http://tonto.eia.doe.gov/dnav/pet/hist/rclc1m.htm
Drilling and exploration leases didn’t come to a complete stand still, but it certainly slowed way down.
If President Bush had done this in 2001, the survey crews would have welcomed the work hired by the MMS. It probably would have taken until 2003 for the actual lease sales to occur. With average prices ranging from $28-$36, there certainly would have been bidding, but not the huge prices that would come today.
A couple more years for detailed survey work and exploratory drilling as prices rose to an average of $46 to $65 in 2005.
I think if he had done this early 2001 we would be see platforms being built today and production not far away.
That makes sense.