The potential for supply as a result of lifted drilling restrictions dropped prices immediately. Reimposing those restrictions caused price increases even though nothing had changed yet. That's how it works.
When the president proposed "...to open vast expanses of water along the Atlantic coastline, the eastern Gulf of Mexico and the north coast of Alaska to
oil and
natural gas drilling, much of it for the first time...." in March 2010, oil prices continued to rise. Also contrary to what you claim, after the administration imposed a 6 month ban on deep water drilling, oil prices soon began to fall.
http://www.nytimes.com/2010/03/31/science/earth/31energy.html?_r=0
Europe Brent Spot Price FOB Dollars per Barrel
Oil prices fell because economies all over the world were tumbling.
His claim is idiotic. In July, 2008, Bush lifts offshore restrictions starting in 2010. But lifting those restrictions were meaningless because Congress also had imposed restrictions and Bush could not override Congress' restrictions. That didn't happen as crude prices began falling. So no restrictions were lifted and wouldn't happen until 2010 even if Congress agreed to lift their restrictions.
That is the
"speculation" this imbecile believes caused gas prices to nose dive by more than 50% in just a few months. Not the crashing economy, which first showed signs of cracking in early August just before bleeding out. No,
"speculation" over offshore drilling, which was not approved by Congress until the end of September ... wouldn't go into effect until 2010 ...
and wouldn't produce a drop of oil for decades.

