A better way to reduce imports is to develop more U.S. oil resources. Oil producers and consumers around the world have a great stake in maintaining the free flow of oil. Moreover, the United States has a Strategic Petroleum Reserve with hundreds of millions of barrels of oil that could be drawn upon during an oil disruption, should one occur. Adequate energy supplies. Oil supplies are finite, but government policies that force consumers to subsidize alternative fuels don't make sense.
Oil is now in ample supply.
According to the U.S. Geological Survey, proved and probable reserves can sustain world oil consumption for 63 to 95 years at current rates. And that doesn't count unconventional sources of oil, such as oil from shale and tar sands, which, though expensive to produce, could provide supplies for several more centuries. Moreover, the market will begin to provide substitutes for oil when, probably decades from now, the costs of producing it rise sufficiently to make alternatives economically viable. So oil will probably never run out, and government sponsorship of alternatives is completely unnecessary.