Kind of like when Kennedy said we would put a man on the moon by the end of the decade, only much, much, much easier. And, it wouldn't take 8 years, but by doing it faster, it would look all the better. Not only would the call be a defined challenge to American business, which would create massive amounts of jobs - it would lower oil prices. I don't mean that producing oil would lower oil prices...I mean, the president merely talking about it, would lower prices.
[Note: Econ 101 - 'energy independence' is not an economically sound goal, but it has strategic and security concerns which make it sound policy]
How would it lower oil prices? I mean just the announcement of our goal? The free market, supply and demand. Right now, we basically have accepted the price of oil that the world charges us as...well, acceptable. And at these prices, remove artificial government restraints, and it is very profitable for US companies to get busy drilling. OPEC, Canada, Mexico, and Russia, etc. would immediately (if they took us serious) want prices lower, as to make it less profitable for US companies to join in.
And...the price of oil is more than just...the price of oil: