With Pres. Bush's new energy bill, it will reduce reliance on imported oil by almost 50%. Whether it happens now or later, it will happen eventually. The American people are fed up with being dependant on foreign energy. This may also be a factor in being nice to the Saudis.
Again, just theories. But other than theory, I can't see why our President would elect to turn such a big security issue over to a foreign country, who's loyalties do NOT lie with us.