The real question is what do we produce with 25% of the world's oil...
I can understand the position that conservation can help us reduce our dependence on foreign oil. But perhaps the people who make these arguments are unaware of the advances in the liquefaction of coal---that is, the conversion of coal to oil. It can now be done for about $30 a barrel! And we have enough coal in this country to supply our energy needs for about 300 years.
So the bottom line to me is, if we really felt the need to eliminate our dependence on foreign oil, we could do it without conservation.. plus, no matter what we decide to do it's inevitable that we will have to turn to alternative sources of energy in the future anyway. So research on solar, wind, tidal, fusion, etc. power must go on; and by the time we truly need it we'll be ready!