Yes, and truth be told, we don't even need the oil in the sandbox. There's enough right here in the continental US to last for well over 200 years with a wide open economy for the entire period. The really great things are it is light sweet crude and an average cost per barrel would be $16...even in fiat.
Why we are sending Americans to fight and die, spending ourselves into oblivion in the process, has never really been for oil hegemony. Instead, it is much darker and much more nefarious.