While I understand the sentiment of saying that the middle-east oil barons have us "over a barrel", I wouldn't be so sure of that, at least not to such an extreme degree. Of course, I'm speaking of the USA, not other nations that might be even MORE dependent on middle-east oil.
Them selling us oil is a win-win situation. We get their oil, and they get our money. To cut-off the flow of oil in one direction, would cut-off the flow of money in the other. They want (and need) our money just as much -- OR MORE -- than we want (and need) their oil.
The United States gets only about 20 percent of our oil from the middle-east, if my memory serves me correctly, the other 80 percent coming from Canada, Mexico, Venezuela, and that which is produced domestically. And while 20 percent is certainly a significant number, it's not one that would cut us at the jugular, so to speak.
If, by some chance, we (the rest of the world) were cut off from that particular supply of oil, one of two things (or both) would happen. In the USA, I'm sure we could increase our own production, open new fields and such, take drastic conservation measures, and put alternative fuel development on the fast-track. AND/OR, considering that most ALL major wars have been waged over territory or resources (or both), I'm sure we could collectively figure out a way to restore the flow of oil to the rest of the world.
Personally, I'd like to see us (the U.S.) cut ourselves off from buying any more middle-east oil, and I believe it could be done in a period of time that would not have to exceed ~20 years. Of course, I'm certainly no expert in that regard, and I'm just pulling those opinions out of my "oil well".
A national challenge, similar to the lofty lunar challenge issued by President Kennedy in 1961, is what we need. If a charismatic politician, from EITHER major party, were to seriously address the issue, and present a somewhat viable plan to advance the goal, instead of the usual silly rhetoric that we've been hearing for decades, it would be very well received. And after all, when President Kennedy issued that challenge in 1961, there were absolutely no plans to go to the moon, and nobody at NASA had any idea how they could pull it off. "We're gonna' do what?", was NASA's initial reaction. And combine the old adage that necessity is the mother of all invention with a burning desire to achieve a particular goal, anything can be made to happen -- even go to the moon! And we could do it without one drop of middle-east oil.