As you all know, America has a huge dependency on foriegn oil. If we were to get placed on an oil embargo by countries from OPEC, what do you think would happen to our economy? What would you think the reason and probablilty of this happening would be? And please no comments about Obama and whatever he is doing in office to date.

This is simply untrue. America's peak oil dependence upon foreign oil was in 2005. Ever since then we have been reducing our dependence upon foreign oil. Even in 2011 when this thread was made and nobody knew what to say about this. We had already cut our imported foreign oil by roughly a quarter. We are now down to one quarter of our peak dependence. WOOO CHEAP OIL. We did it by successfully figuring out how to get oil out of our shale deposits, which we have the most of in the world.
Here is a graph of our foreign oil dependence (click the link for interactive version):


https://www.eia.gov/dnav/pet/hist/Le...s=mttntus2&f=m

I do believe that we will have cheap gasoline and oil for another 4 or 5 years before some stuff happens and someone important decides we need to raise our prices. Oil is a well known boom and bust industry.

2005 = ~13000 barrels a day imported
2011= ~8000 barrels imported daily
2017= ~4000 barrels imported daily

TLDR: Embargo as much as you want, oil would just get a little bit more expensive. We have plenty now, and know where to get more.

Oil isn't the only thing supporting the econmic system. If a country doesn't have oil, It'll rely on tourism, If It doesn't have tourism It'll rely on agriculture, and if It doesn't agriculture then It will simply rely on human resources.

Oil is not what you would need.