It'll help some. But to put a bigger dent in our dependence on imported oil, we should also be converting our power plants to clean coal technology or nuclear.
And what about higher efficiency standards?
Aaaaack!
Get Government regulators out of the product design business. Slap a tariff on imported oil and petroleum products. The domestic market will sort out the alternatives available: efficiency, conservation, drilling, coal, nuclear, solar, etc. etc.