President Clinton will decree the end of OilCo profits and will spend many billions in government efforts towards "alternative fuels" which will effectively abort progress towards actually viable alternatives while driving the US oil companies offshore and driving up the price of fuel by multiples. She will blame the resulting economic collapse on the Republican waste and Bush's refusal to decree that all gas autos must be replaced by electric cars in 2 years.There will be a "National Emergency" and controls on everything, especially a limitation on mobility. People will have to get government permission to go further than 10 miles from their homes in order to save fuel.
Or she will say that this was a joke about Bush and she just blew the punch line.