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What can they do with all that oil if we have no new refineries?

They will go through the same refineries today that are processing imported oil.

We do not have any refinery shortage. Our refining capacity has been above our demand for some time now, we are actually now a net exporter of refined products, since we are refining more than we use.

We have not built any new refineries, but we have been expanding and upgrading the existing ones for many years. That is cheaper than a new refinery, plus you don't have to build new pipelines to carry crude oil and natural gas in as well as products out.

The US is also going to be exporting LNG. Some of the facilities to import are currently being converted to export.
If we truly opened up ANWR and more areas offshore, energy independence and a big financial burden would be lifted off the US.

Nothing new under the sun:

ACCEPTED BY RESIDENTS
The project (which has been planned since August 2005 under the Gorilla Project codename) has now reached the stage at which Union County, South Dakota residents voted by 58% to 42% to allow the 3,300 acres of former farmland just north of Elk Point to become the site for this oil mega-project. Hyperion will try to obtain options on land around the site for 20 square miles (18,000–20,000 acres) to form a buffer and security zone.[snip]
The construction is expected to begin in 2010 and the four-year building period will create a further 4,500 jobs.
http://www.hydrocarbons-technology.com/projects/elkpointrefinery/

SD judge asked to throw out oil refinery permit

Jan 12, 2012 – Opponents of a proposed $10 billion oil refinery urged a judge Thursday to strike down a state permit that would allow the project to be built in southeastern South Dakota. ... It would be the first new U.S. oil refinery built since 1976.
http://www.businessweek.com/ap/financialnews/D9S7P6403.htm

As an aside, we're still waiting, since 9/2000, for the "new" particle physics lab to be up and running in the former Homestake Mine