SSRN-Oil Imports, National Defense, and Bio-Energy by Robert Ames, Anthony Corridore, Paul MacAvoy
I love articles that make me think. This is one of them! The authors suggest that it is time for America to go on a diet: a low oil diet. What would happen if we cut imports? Well we would likely see higher prices and would have to drill in some places we generally do not want to, but prices would become more stable and maybe, just maybe, there would be less global turmoil. (mmm get it? TurmOIL? ;)
BTW MacAvoy was dean when I was at the University of Rochester.