This article does a good job pointing out that the key to understanding the market price of oil is political.
Ah well, money is the mother's milk of politics...
Another point that is usually missed, is that oil is a global market. US does not have to be "energy independent" to seriously affect the global price. If we pumped 2 million barrels a day more (a fraction of our imports *and* a practical, obtainable goal) for our own use, that would, for all practical purposes, add the same amount to the open market. Bingo, oil prices take a serious dip.
40% of our domestic output comes from the North Slope. Drilling there passed the Senate by 1 vote. Where would we be right now without that one vote? Pretty scary to contemplate. Will we look back 20 years from now and wish we had tried harder to get those few votes needed to drill in ANWAR? Yep.