Not so much.
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Consider:
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First, no country has ever yet become a working democracy after the discovery of oil.  After a 100 year detour, Mexico is trying desperately to become the first.    For developing countries, the discovery of oil leads to corruption, tyranny, war, misery, and death.  
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Second, only one major oil producer, Norway, has managed its oil industry successfully.  All others - including the US, the UK, Canada, and the Netherlands - have had their democratic institutions turned inside-out by oil-driven interference in government, from Spindle-top and Teapot Dome to today.
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Third, to be a leading economy requires the rule of law, democratic institutions, and an absence of corruption.  The road to prosperity is the protection of democratic institutions - the very institutions that the oil industry has undermined everywhere it has been for the last 140 years.
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We can do without oil.  We cannot do without democracy.
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Oil is a bad drug.
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We need to end the addiction.