Same way with imported oil. We can wean ourselves off imported oil within 5-10 years without much cost.
1) Use natural gas in fleet vehicles (25% of US vehicles are in fleets) UPS, postal, utilities, cities, counties, states, and Feds. It would cost about $3,500 per conversion and a $50,000 compressor to supply 25 vehicles. Now, some companies already make NG vehicles on the assembly line for about the same cost as gasoline vehicles. We have GM and Ford makes NG pickups, and Honda makes cars, no conversions on these. This would cut 40% of imported oil.
2) Begin conversion of vehicles to diesel like Germany. (85% of Germany's vehicles are diesel). You get 27 gallons of diesel in a barrel of oil OR 20 gallons of gasoline. This would cut imports by 25-30% more.
There may have to be tax breaks for conversion to both these methods. However, cutting imports by about 70% in 5-10 years is a tremendous cut on trade deficit since half the trade deficit is in imported oil.
3) Have government tax cuts for building coal gasification plants to make synthetic oil from coal, thus cutting the imports completely.
OR tax cuts for algae produced oil. Either way, we cut out imported oil and the associated problems with the likes of Iran and Venesuela (sp).