Over the next five years, we phase out the importation of oil from the Middle East, and balance it with an increase in importation of oil from Russia and Mexico (which can be done, they have it, and boat loads of it). However, Russia and Mexico are bound to come up short when it comes to satisfying the American consumer's insatiable appetite for oil, so we supplement the difference with good ol' made-in-the-USA Ethanol.
Once totally on this system of oil production, we will be free from the grip the Middle East has on our nation's balls, and we'll be able to more fairly fight terrorism. Oh, and it will boost the economy of Russia, Mexico, and the US, which helps the world out in general.
Now, I wouldn't be a pinko-lefty if I didn't add in this next bit. This, of course, would just be an interim stage between now and the inevitable hydrogen cell. We can use our boosted economy to help fund that, too.