What does OPEC refusing to sell oil to the US have to do with using other countries’ resources before our own? Sure, the early 70s were a nightmare, but there were more reasons for the economic crash than oil prices going crazy. And the US was able to bring production on pretty quickly, all things considered (see oil price crash in the 80s).
I’m just saying that it is a strategic decision. Using / getting contracts with other counties for their resources also ties up those resources / deprives countries we do not like of access.
And finally, knowing that we have the resources here, while using other countries’ resources means that should those countries go belly up because of some stupid political problems well, it is easier to leave. Although this one cuts both ways, because if we were not using their material we would not be interested in their defense even a little bit.
Still waiting for us to back off of defending / being allied with Saudi Arabia...the source of Wahhabis.