Start more drilling here. As that grows and we are less dependent, we can tax that growth and actually lower the tax back (and even less) to where it was before Bubba upped it.
Who is to say it will not be exported?
The oil we get from the Alaskan pipeline is exported to other countries. I'm not sure the oil industry wants low prices. See my post #41. I think they will lower it down to a level the American public finds tolerable, and that is the best we can hope for.