While offshore drilling certainly is an effective method to pander to Republicans in order to stir support for climate change legislation, if what President Obama wanted, as he claimed in his speech, was to "reduce dependence on foreign oil", then instead of signing an executive order allowing off-shore drilling, instead he should sign an executive order mandating a 5 mpg increase requirement for all vehicles, effective Jan 1. 2011.
That would reduce U.S. dependence on foreign oil by billions of barrels more than we will ever mine out of the oceans.
In any case, I am not too disappointed. I know how politics works. You pander, then you succeed. Pander more, succeed more. People can call Obama a hypocrite for this, but off-shore drilling doesn't pollute much, and actually passing climate change legislation would more than offset the loss of environment due to drilling in the Gulf.