Andrews, Saudi Arabia does have a lot of oil, and that could be a good bargaining chip.

But the US controls the Saudi royal family.  The US protects them from uprisings, from Al Qaieda, from everything.  If Saudi, and OPEC generally, stopped selling cheap oil to the west, as the did in the last oil embargo, the US would open the gates of hell on Saudi Arabia.  It would be the end of the Saudi royal family and peace in the kingdom.