Go Bush, Go!
I should also mention that John McCain, who I've previously criticized for siding with the Democrats on this issue, have actually flip-flopped (flip-flopps aren't always bad as this case illustrates) on this issue to the right side and now supports offshore drilling. While I still have serious reservations about McCain and certainly don't like him per se, that is another reason for believing he is a lesser evil than Obama, who denounced the decision to allow offshore drilling.
UPDATE: Having looked into it, it seems that this executive order only repeals the previous executive order imposed by his father in 1990. A Congressional decision will still be needed for it to become law, and that unfortunately looks very unlikely given the current Democratic majority.
This means that the ban will remain effectively in place, which in turn means that fuel prices will remain hig.