I'm not entirely happy with some of his solutions (such as securing rather than replacing oil), but Ariel Cohen of the Heritage Foundation lays out some of the dangers of our dependency on foreign oil, particularly from the middle east.

The United States is the largest oil importer in the world, bringing in 13.5 million barrels per day (mbd), which accounts for 63.5 percent of total U.S. daily consumption (20.6 mbd). Oil from the Middle East--specifically, the Persian Gulf--accounts for 20 percent of U.S. oil imports, and this dependence is growing. By 2017, the U.S. will be importing approx­imately 68 percent of its oil needs. Oil consumption represents 40 percent of America's energy needs, pri­marily used in ground and air transportation. The dependence of the U.S. and the global economy on oil is growing, which can have dire consequences for the economic well-being of the United States, our national security, and the American way of life.

Securing the stability of our oil supply to the best extent possible in cooperation with traditional U.S. allies, while bringing on board the emerging major oil consumers, such as India and China, should be the key diplomatic strategy for the intermediate term. At the same time, the U.S. needs to deter those, from Tehran to Caracas, who are seeking to harm and de­stabilize the world energy supply chain.

Read all of it.