The more things change the more they stay the same. The following oil analysis from Foreign Affairs July/August 2001 is on-point and rigorous look at oil pricing and how we can and should respond. It wasn't until I was on the final page that I realized that the article was written seven years previous, a clear indication of either my stupidity or the similarity of the problem today to the nearly identical problem of yesteryear.
The lesson learned is that the clear choice in combating energy prices are demand-side solutions, not supply-side ones. By that I mean a push for greater efficiency (of oil use) rather than an increase in oil supply. For example (as the article points out), drilling in the Arctic National Wildlife Refuge would increase daily oil supplies over a period of 30 years equivalent to the oil savings which would be found through increasing fuel efficiency 0.4 mpg on all light vehicles. That 0.4 mpg efficiency increase was seen every 5 months from 1979-1985. And furthermore, the cost of increasing efficiency is cheaper than drilling for the oil (0r fighting for it?). So let us increase efficiency until the cost of drilling and/or war matches further efficiency initiatives, and then we can meaningfully discuss if American hegemony is a worthy pursuit.