The world is running out of oil. Increasing populations and economies such as India, and China need an increasing demand of oil. The US has many refuges of oil, but are not using it. So the only option remains is that we go up north in the Arctic. Though it is not a renewable resource, not every one is gonna go and buy hybrid cars because they are really expensive.
The Arctic National Wildlife Refuge is a national treasure and it should not be sold out to the oil companies. It is important to develop renewable sources of energy rather than continuing to rely on dirty fossil fuels. Drilling the Arctic will not solve the problem in the long run.
Even if the Arctic refuge is drilled until nothing is left, then what? We have to accept that at a certain point we're going to run out of this stuff, and we can't wait until then to know what to do after it. It's time to pursue alternate, renewable sources of energy in a serious manner.