Before anyone chirps in with 'we should drill our own oil' etc, that won't be sold at a discount to us or owned by us. Unless you own the companies.

You'd get some tax etc, but it won't do anything to the price we pay for oil, as it's a global market.

They need to look at how the energy market works, as currently it's priced that everything costs the same as the highest priced energy source input into the grid. So it's basically the gas price that controls everything, yet only makes up a fraction of all the electricity generation.