We need to simply ban the importation of oil. It would mess us up about as badly as we were messed up during WW-II for about a year, and it would mess all of the rogue states in the world up permanently. A year later, oil produced in America would sell for $25 a barrel in America, and a whole lot of the worlds villians would be back to riding camels and living in tents.
Nice thought, but China needs oil to ramp up as a super power. If we don't buy, there are other nations that will.