Well we know that Satan already tempted Jesus with offering Him all the kingdoms of the world if He would only bow down to him, even though creation already belonged to Jesus.
As far as whether Israel has oil of course is mainly due to how people understand scripture. Just like we debate end times scripture, the same could be done on whether oil will show up at the right moment in history to bless us with. I don't claim to know one way or another. Just reporting what I see going on.