You can't value oil under your own soil the same as imported oil, and it has nothing to do with profit.
Oil demand is never going away (we need it for plastic, lubricants for wind turbines, etc) but the supply is. When you are talking about macroeconomic nation state scales of oil, the only logical decision is to acquire foreign oil. Not only are you helping to speed the depletion of their reservers, you are holding yours.
The last barrel of oil on earth will be worth more than all the barrels that came before it.
Edit: I did some math. As of 2018 there were 43.8 billion discovered barrels of oil in the US, in 2019 we consumed 20.46 million barrels a day domestically. So we are self sufficient for a little less than 6 years.
This assumes you don't discover alternatives to fossil fuels before running out of them. Historically this is a bad bet. As the price increases people search harder and harder for alternatives. It seems impossible now because cheap oil means there's no demand for alternatives, but people are clever and if there's demand they'll usually find a solution.
To understand the economics of oil you have to think of it as a raw ingredient rather than a fuel source.
Even if you stop burning it (which I think is a terrible idea), you can't live without oil. Antiseptics, rubbing alcohol, paint, aspirin, toothpaste, shoes, pens, bike tires, computers, etc. require it for modern production.
Heck, a standard solar panel plopped on top of your home requires just shy of a full barrel of oil to produce.
According to [1], non-fuel use of petroleum is 16%. Of those 16%, I'd guess most uses have an alternative, even if less convenient. Most of the things you listed don't specifically require oil, just hydrocarbons transformed in series of steps.
Oil is a strategic resource for energy and not much else important. There is short term manufacturing dependence, but most countries should have sufficient reserve capacity, currently for fuel use.
Oil demand is never going away (we need it for plastic, lubricants for wind turbines, etc) but the supply is. When you are talking about macroeconomic nation state scales of oil, the only logical decision is to acquire foreign oil. Not only are you helping to speed the depletion of their reservers, you are holding yours.
The last barrel of oil on earth will be worth more than all the barrels that came before it.
Edit: I did some math. As of 2018 there were 43.8 billion discovered barrels of oil in the US, in 2019 we consumed 20.46 million barrels a day domestically. So we are self sufficient for a little less than 6 years.