The best way to quit an addiction is to stop cold turkey. It is not the easiest way to do it but it may be the best way. If we were to stop the importation of oil we would see an immediate jump in the price of gas, perhaps going to $10 a gallon. That would definitely cut back on consumption and cause us to act quicker to become self reliant.
We have a lot of resources to pull from. We have oil to produce and nuclear power available to help stem the need to rely on outside oil. While we have oil we should only use it to help us make the transition from oil to electricity and hydrogen power for our transportation.
Also, for the rest of the world, the demand on oil will decrease and so will the price. After a few months of no imports we could benefit from the reduced price, with the understanding that we continue our march to alternative energy. To do this, we must plan and begin building nuclear power plants today to be prepared for the cut off of oil tomorrow.