The blog Principles in Practice has a nice article on American energy independence. A quick quote:
"It is taken for granted," said Alex Epstein, a junior fellow at the Ayn Rand Institute, "that OPEC, a despicable cartel of tyrannical regimes that coercively limits their oil production to raise prices, can manipulate our energy future on a whim. But such a state of affairs is completely unnecessary; it is a product of U.S. environmental regulations that strangle domestic energy production.
"In a free energy market, the response of competing producers to OPEC-influenced high prices would be to eagerly cultivate new oil sources in America—such as the many untapped sources of oil in Alaska and on America's coastlines—and to vigorously seek to produce truly practical alternative sources of energy, such as coal, natural gas, and nuclear power. Such actions would drive oil and energy prices down, and with them OPEC's ability to manipulate prices..."