If the oil is not coming into this country, there will be a world wide glut on the market. Oil prices world wide will crash. However if you can't get it into this country that doesn't help us. But, if we can't take in oil, OPEC will be trying to give it away. The movie did not take into consideration that all the oil we were not taking in anymore had to go somewhere. If our economy fails and can't buy from China, then their economy will also fail.
That's the one benefit I can see in the arithmetic. It might be enough to break the back of the speculators and bring the price down hard for a while.
Of course, that won't drop the gasoline prices in the US market, unfortunately. But it may hurt those inflating the price beyond the already-high market.
Hell, Walmart could probably topple China by itself -- all they'd have to do is mandate that all their suppliers have to be anywhere but China (India, Indonesia, SE Asia, etc). It'd collapse their economy.