The direct way is also not as difficult as you seem to imagine. The oil is not in densely settled areas covered with holy sites. It is in remote areas or along the coasts, with sparse populations around it. Enclaves seperated from the bulk of the local population would be quite feasible. Seperation can be made effective without inviting terrorist attack, simply by using enough barbed wire, mines, etc. And of course we can invite those beyond to a better career as puppets, instead of futile hostility. This would be a lot easier with democratic governments we install than with the present pack of tyrants.
The formulation the president has put forward strikes me as perfectly sound. Everybody has to choose between us and the terrorists. Those who choose the wrong way are going to get their clocks cleaned. We should not appease anyone making the wrong choice, whether there is oil near them or not. We can be perfectly friendly to those who make the right choice, whether present governments or future ones. Everybody will have strong incentives both ways, carrot and stick, to get out of our way. But undoubtedly many will choose not to, human nature and pride being what they are. They are free to choose. And we will take whatever war they have the belly for, and win it too.