Its easy to blame the big bad oil companies (which many American's own stock in) but the issue is much more broad. American Oil companies don't determine worldwide prices.
Part of the reason is the falling dollar, as oil prices are based on the dollar. Part of the reason is increased demand from all over the world. Part of the reason probably has something to do with us in Iraq...somehow.
Oil company profits are well publicized and I believe they are approx 10%...compared to microsoft, which profits at least 25%. American Oil companies employ great #s of people. I believe its necessary for the federal gov to double check the oil companies to make sure there's nothing going on to hurt oil prices, but I its unlikely we'll find much.
Drilling and exploration will help drive down the price in the short term because the price is somewhat determined by market reaction. It will not take 5-10 yrs for the oil to help us. It may take a couple yrs but 5-10yrs is quoted by the people who are against drilling and know little about the process. Still, it makes sense to be proactive going forward. Its only part of what we need to do but we have to look at this from multiple angles. Strengthening the dollar will also bring down oil prices (we have to print less $ and slowly raise rates again). Better vehicle emissions are needed as well.
