If analysts are right about the developing shortfall in oil supply that's going to happen whether or not the Chinese let their currency float.
"If analysts are right about the developing shortfall in oil supply that's going to happen whether or not the Chinese let their currency float."
While this is a true statement, it does nothing to support your suggestion that the US givernemnt should interfere in the free market through which oil is traded and cap our oil usage so that other countries can buy oil cheaper.
Reducing American demand won't likely have a huge effect long term effect on oil consumption, merely on who consumes the oil and how much they pay for it.
Oil companies are producing oil about as fast as they can, if the price drops they will produce a little less from less cost effective sources, but mainly lower demand will cause lower prices, which will boost the demand elsewhere.
The Chineese curency is a seperat issue. It's a case where the Chineese is artificailly protecting their export economy by keeping the value of their money low.
This allows them to keep their labor inexpensive. It also makes it expensive for anyone in their country to import anything, so they keep control of their domestic economy as well.
Who pays the price? The Chineese people pay a price in that their standard of living is not allowed to improve. Countries like the US pay a price in higher trade deficits.