This is a mixed bag. This is something he clearly decried during the campaign in 2008, saying (rightly) that expanding offshore drilling won't do anything to help with falling gas prices. With Gas Prices set to spike again this summer, this move will do nothing to address that.
At the same time, with Gas Prices set to spike again this summer, the President just undercut the principal GOP talking point going into the Midterms.
On top of that, Senator Kerry thinks this move may help him get 60 votes for Climate Legislation.