When Bush allowed offshore drilling, the price of oil fell and fell. When Obama banned offshore drilling, prices went up and up.
The reason is simple. Today's price depends in part on the expectation of future prices. When oil producers expect future prices to be lower (due to a larger supply from offshore drilling), they lower today's prices. When they expect higher future prices (due to restrictions on the supply of oil), they leave their oil in the ground until the price rises.
Excellent post which really shows the complete lack of foresight on the Obama administration's decision to ban new offshore oil drilling. His dream world of wind mills and solar powered households is quickly turning into our beloved country's nightmare.
I'm also convinced that he wanted oil to spike all along because this will be his excuse the “fist” cap and trade up the collective arse of America.