Matthew Kotchen and Nicholas Burger ask, "Should We Drill in the Arctic National Wildlife Refuge? An Economic Perspective." (NBER Working Paper 13211, July 2007). Back in 2007, when they could assume a price of $53/barrel for oil, they found that you should not have drilled if the value of the lost environmental amenities was more than $1,141 a person (that threshold would be much higher today because of the higher price of oil; here and elsewhere all values are for their central case).
The coastal plain where the drilling would take place is shown in green on this map from the Alaska Department of Natural Resources (click on the map to see a bigger version):
What are the benefits? Kotchen and Burger estimated that the oil had a value of $374 billion (writing in July 2007, they assumed a long-term price of $53/barrel), but that it would cost $123 billion to extract and market. The net return of $254 billion is divided consists of industry rents of $90 billion, Alaska tax revenues of $37 billion, and Federal tax revenues of $124 billion. [errata: $254 should read $251 - Ben, 9-4-08]