> If you get cut off from global oil trade while having oil in the ground but no ability to make drills, what use is the oil?

Your existing drills and pumps might work long enough for you to stand up a domestic drill manufacturing industry.

Same for solar, except that panels and batteries operate for way longer than drills and pumps.

> If you don't care about sovereignty then great, you are good to go

If no one is sovereign then sovereignty is meaningless. Who cares.