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I strongly suspect that oil usage is going to drop drastically in the next fifty years, thanks to renewable energy and electric cars. While some oil will still be needed for other sources (for example, planes), it should mostly drop off. What’s the in having oil reserves that you don’t need?

There's a case to be made for saving these oils for later or converting them into readily usable forms but few people understand it - I expect conflating it with other topics like CO2 emissions and alternative energy.

It's like how it's assumed that high quality artificial meats would replace farming of animals. Not quite - since meat is one of a 1000 products they're used for. Also true of oil.

>In the future, once all the easy to extract oil is gone

It's already gone. That's why we've resorted to fracking.

It's not the US extracting (or buying) oil, it's private companies. Who can make a profit today.

The US tried that - it turns out it isn’t that simple.