If we “drill here, drill now” wouldn’t that reduce our dependency on foreign oil?
Absolutely. However there is also a fallacy in his logic. Oil is fungible. We currently get 12% of our oil from the "middle east". If we stopped buying from them, and lets say we made exclusive deals to replace that oil by purchasing it from country A & B, then the oil that was sold by country A & B on the open market would no longer be available. The oil that we no longer purchased from the middle east would then replace the oil purchased by others from country A & B. So middle eastern oil was still sold even though we didn't buy a drop.