That is bad, but he alternative is worse. I prefer that the Saudis use up all their oil and we are left eight remaining reserves as extraction costs rise, instead of the other way around.
Saudi oil, for example, was entirely bought, owned and paid for by US corporations. Those corporations were forced to return the Saudi oil rights to "the Saudi People" by both Truman and Eisenhower using US government force. American corporations were forced to give back for free, to the Saudi King, oil rights they had legally purchased.
In fact, it was the US government that assured that the Saudis would have immense disposable wealth to begin funding (Wahabbi) Islamic terrorism as never seen before on a global scale.
We could have had all the Saudi oil for very little, and they would have had NO ability to manipulate oil markets or fund terrorism and militant Islam.
With both Iran and Saudi Arabia (OPEC), we did it to ourselves, and we continue to screw ourselves to this day.