Refining capacity is obviously more than adequate or we would not be a net exporter of refined oil products, and we ARE net exporters of refined oil products. The more refined oil products Big Oil exports, the higher the price they can charge here.So, since you admit we have more than ample refining capacity, drilling more oil here will not lower gasoline prices here.
I'm just stating a fact. I wouldn't call it "more than ample", but refining capacity is adequate for meeting domestic fuel demads- up to a point. The net importation of gasoline fills that gap.
But as I said, like ag products so goes petroleum. It's a global market.
BTW- I take back that "small fraction" comment. We are exporting a considerable amount of gasoline. But as you know we are still a net importer.
Regarding crude- the focus of drilling isn't to bring down prices. It is to produce the commodity here as opposed to importing. It creates jobs, generates economic activity, and increases revenues to local state and federal treasuries.
With the millions of unemployed, less fuel is being burned. It wasn't like this at all under President Bush when unemployment percentage were in the 4.5 percentage.