The only problem with displacing foreign "owned" is that US companies actually own majority stakes in the simply renamed foreign companies where they get cheap labor and undercut priced crude.
The US imported the following for June 2005
(in thousand barrels for the month)
Canada 4,428
Virgin Islands, U.S. 3,100
Netherlands 2,121
United Kingdom 1,714
Venezuela 1,447
Italy 1,307
Lithuania 1,016
Other Non-OPEC 788
Finland 565
Netherlands Antilles 564
Mexico 498
China 479
Chad 418
Russia 414
Portugal 321
Germany 259
France 130
Argentina 125
Sweden 16
Nigeria 1
You believe the majority of this is by US owned companies?
(source http://www.eia.doe.gov/pub/oil_gas/petroleum/data_publications/petroleum_supply_monthly/current/pdf/table37.pdf)