As far as I know every president has said they would reduce imported oil but done very little. I would increase the tax to European levels steadily over the next 4/5 years and to a stated plan whilst at the same time providing a credit of say 80% of the proceeds to all adults. Thus those who use less (e.g. by not driving or driving less or having an economical car) would "profit" and those who use more would pay for the pleasure of their gas guzzlers. The remaining 20% should be used to improve the infrastructure, e.g. rail and/or a national electric grid that would allow electricity produced by renewables to be used anywhere.

Let's say this would eventually raise USD 200 per barrel x 20m per day = USD 4 billion per day. A fairly powerful incentive to decrease oil consumption.

Something would have to be done for essential users like farmers, a reduced cost diesel, aka red diesel in the UK, but maybe this already exists in the US?

Yes, farm use of diesel is already tax exempt here.

http://www.irs.gov/businesses/small/industries/article/0,,id=98980,00.html