Reply #2: One Economist suggested a variable tariff

[dtotire]

He suggested that the tariff would be high enough to raise the price of gasoline to $4/gallon.
This would raise the price of oil to $120/barrel or thereabouts. Our imports would go significantly down, and domestic production would increase. This would mean a more significant reduction in the deficit--perhaps as much as $200 to $300Billion. I think would be a good move. I would suggest it be phased in at around $10/barrel every 6 months.