The argument over whether the oil we use is foreign produced or not is nonsensical. Why should we not get oil from wherever it is cheapest? Consumers of oil do not buy it directly from producer nations. It is bought off the world oil market at the best possible price.
It may be that US companies cannot produce oil as cheap as foreign producers can in which case it would not make any sense to produce it if it meant that those companies would expose themselves to a loss. No rational producer would even think about drilling unless he knew he could make a profit. It would be better that investors only allocate resources to produce goods that have a higher profit ratio that waste them being less productive.
One can imagine that it might be cheaper to produce oil domestically than transport it around the world which requires military protectionism to support it; but as long as domestic producers have to compete with taxpayer supported merchantilism it may not be a viable option for them.
I am not an entrepreneur so I cannot answer what is the best option other than I know having more of something is better for consumers than having less of it.