This plan would assume powers that one individual wouldn't have, however with the right influence, one person or at least a group of people, could accomplish this.
First, I would immediately announce drilling not only in ANWR but everywhere that the U.S. can but hasn't. While we likely wouldn't be able to use any of the oil there for years, the simple signal that the U.S. is serious about finding its own domestic oil supplies would immediately put downward pressure on oil prices. Furthermore, it would signal to the speculators that the jig is up. Speculators don't look at long term trends. They simply ride the technical trends.
Second, I would dump a bunch of the strategic oil reserve onto the open market. This would really punish the speculators. By creating instant supply on the open market, this would immediately drop the price of oil. Furthermore, since most speculators buy on ridiculously low margin many of them would now have margin calls. This could create a vicious cycle in which lower prices lead to sell offs and so on.
Third, I would begin raising the prime rate until it got to 4% from its current 2% standing. Prime has been dropped far too low in my opinion anyway. It is leading to inflationary pressure. It needs to be raised to alleviate that. Furthermore, raising the prime rate would bolster the dollar. Since oil is priced in Dollars, this would put further downward pressure on the price of oil.
Fourth, I would raise the margin on oil futures from 5% to 50% effective at the beginning of next year. After oil takes a dive, most speculators would look to get back in. This would keep all but the professionals out. The ridiculously low 5% margin on oil futures creates exactly the sort of environment in which speculation occurs. Raising the margin to 50% would discourage speculators from driving the price of oil up in the future in the same way it has been now.
Finally, I would immediately implement my plan for energy independence. I would lower the capital gains, corporate, and dividend taxes all to zero on any company or division that produces alternative energy sources or a means to procure them. (and keep such a moratorium for ten years) This means any company that produces wind power would be the beneficiary, but also any company that produces tanks specifically for hydrogen fuel cells would else qualify. Furthermore, any division of any of the big oil companies that specializes in alternative energy sources would also qualify. This would signal that not only is the U.S. serious about holding down the price of oil in the short term but we are serious about creating alternative energy in the long term.
By implementing all of these various policies we should see $20 a barrel for oil by the end of the summer.
Please check out my new books, "Prosecutors Gone Wild: The Inside Story of the Trial of Chuck Panici, John Gliottoni, and Louise Marshall" and also, "The Definitive Dossier of PTSD in Whistleblowers"