Drilling our way out of the energy crisis?

By now, many people have heard of Newt Gingrich's petition to expand oil drilling as a solution to the energy crisis. The slogan is "Drill here; drill now; pay less". Sounds appealing. But the result, I'm afraid, will be "drill here; drill now; feed the addiction."

Newt has gained a deserved reputation as a future oriented thinker. Now that we are at a critical point in redefining our energy policy and using it as a springboard for future economic growth, it is disappointing to see him come out with such a simplistic and backward thinking solution. Apparently, he still feels more comfortable going after 20th Century solutions than pushing 21st Century ideas.

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Update:

Here is a thought exercise. Which is better for lowering the cost of driving, more oil (greater supply) or more efficiency?

Currently, the average motorist will spend $1920 annually for gas: 12000 miles average @ 25 mpg @ $4 a gallon.

Under last year's legislation (Energy Independence and Security Act of 2007), the fuel economy standards will rise to 35 mpg by 2020.
At 35 mpg, the average motorist would spend $1370 annually for gas -- or the equivalent of what they would be paying today if gas was $2.85 per gallon.
At 50 mpg, the average motorist would spend $960 annually for gas -- or the equivalent of what they would be paying today if gas was $2 per gallon.

Is any one claiming that if we drill more, the price will drop to $2.85? If not, then the most effective way to "pay less" is to push for higher fuel standards and more efficiency as quickly as possible.