The very first thing to do would be to eliminate all export controls on oil & gas. As the markets now stand, that doesn’t do a thing - but it gets a bad law off the books. Instead, we should put a small tariff on importation of oil. Not enough to matter a whole lot, necessarily, but enough to function as a shot across the bow of any future OPEC manipulations.From the Nixon Administration until the fracking boom, that would have constituted an idle threat. Now, the Saudis know that we know that we can handle higher prices. Not without pain, of course - but it would hardly be uncharted territory for us.
So the idea of whipsawing our producers again would not be on the table - reduce production again, the tariff goes up, and our production soars. And stays up indefinitely. Because legislation would allow the POTUS to raise the tariff (within limits) on his own initiative, but not to lower it without an act of Congress.
I like your idea better.
IMO the most effective way, or, more accurately the most effective method we might be willing to use, to attack Islamism is to defund it.
I also would be in favor of the US providing incentives to American companies to frack across the world. Shale oil and gas are found very nearly everywhere. Such production in Ukraine or Brazil defunds the Islamists every bit as much as production in North Dakota or Alberta.
It also might do a lot to make poor countries more prosperous. That’s a good thing.