Not only do we need to tap our domestic oil sources, we need to build refineries. All the oil in the world at 20 cents a barrel won't do us any good if it can't be refined. There hasn't been a new refinery built in the United States for 37 years.
Also, we need to reduce our dependence on oil by building new nuclear power plants. The radical environmentalists will argue that they are dangerous, but this ain't the age of Chernobyll or Three Mile Island. European countries are building modern nuclear plants. Why not us?