I don't have stats on how much conservation can really save on imported oil. This is purely anecdotal and based on electric use at home.
We recently replaced the fridge, the A/C unit and the pool pump with one of those slow start models (expensive). Our monthly electric bill went from $150 a month to under $50.
I agree that conservation and frugality help, but we still must either drill or import. We are not going oil-free any time soon.