Here are some suggestions about the topic, which I think is a good example of potential private/public sector cooperation:

First, ask Congress to do only ONE thing, (so as not to strain themselves, or risk that they will screw up the whole plan). Let drilling leases to private companies, for appropriate fees. If this is done soon enough and the leases are attractive to investors and companies, we will eventually get our 'fair share' of Arctic off-shore oil. Every new rig erected by a foreign power in international waters renders the debate about the risks of drilling there more moot.

Then, require that drilling companies commit to accept complete legal responsibility for their mistakes and be heavily bonded to cover costs of spills and other environmental problems up front, rather than waiting to sue or arm-twist afterwards. There is an interesting formula for this being developed in New York as a way of allowing natural gas 'fracking' while still protecting the environment. It's not foolproof, but it may be the most reasonable way to extract resources and protect people and the environment at the same time.

Then, with some of the lease money, provide the Coast Guard some additional equipment. But also remind them to stop whining and do their job, not to manage the whole situation, but to monitor it. Give the Coast Guard the responsibility to inspect, or supervise private inspectors to keep track of drilling and transport procedures and activities. Make it clear that, since their station is in the region, doing this conscientiously and thoroughly is THEIR DUTY. If they have extra time, they can also stop the flood of illegal immigrants and help stranded polar bears.

I'd really like to hear why this plan is either stupid or impossible.