Just to be clear, you would be walling off the US portion of the Arctic.  Drilling 100 miles to the West in Russia will still continue.

Not much oversight going on over there though, not since they threw the greenpeace activists in jail. 

In summary, you are walling off the one area where you actually have oversight and control and forcing the oil exploration and extraction over to the one area where you have zero oversight and no control.

Sounds like a big win for someone, just not us. ;)