Our oil isn't very useful to Europe, due to the kind of oil it is. We mostly sell to South America. Europe's infrastructure and refineries are geared towards Russia's oil.

In my long term speculative opinion, oil is a major resource and will never cease being so, even if we go all alternative energy. It may be a thousand, two thousand, or even 10 thousand years down the road, but the next ice age is due and the human race will need every drop of oil to survive it. Tricking countries into giving up their control of oil now, is just long-game survival of the fittest.