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Here are several things that may or would be different:
The creation of Israel and Jordan from the Palestinian Mandate
A Jewish state would probably never have been allowed to exist, or been allocated in some other resource-poor area.
Arab Aggression and Sino-Soviet Interest
Despite the fact that Israel is tiny territorially and controls almost no natural resources, it is the target of aggression, including several wars, from the Arab and Moslem world. How much more motivated would those attackers be if there was a rich oil prize to be won?
Furthermore, what would the Soviet Union have done to advance their interests?
Nowadays, what would China be doing?
The 1973 Arab Oil Embargo
This had a crippling effect on the US economy and caused day-to-day hardships with the long gas lines and the odd-even license plate gas rationing system. Had Israel controlled the reserves Saudi Arabia did, the embargo would have been far less severe.
The Exportation of Wahhabism and Terror
Saudi Arabia is by far the biggest exporter of violent Islam. They sponsor madrassas, camps, cultural centers, mosques and the like worldwide that preach intolerance toward other faiths and advocate violence and terror as legitimate tools in the spread of Islam and defeat of the infidel. Without the billions of petrodollars they have available, their influence and ability to sponsor the above would be severely curtailed.
Furthermore, the State Department would be far less beholden to Saudi Arabia, and less willing to turn a blind eye to their racist and misogynistic government policies.
OPEC
I believe Israel would have been far more receptive to a request from its greatest ally and benefactor.
Furthermore, Israel would never be permitted into OPEC.
The Israeli Economy
The Israeli standard of living would be much improved. IMO, they would probably follow the Norwegian model of spreading the wealth derived from its natural resources to their citizenry. Furthermore, gasoline and power would be far more plentiful and affordable for the non-well-to-do.
A potential consequence would be fewer innovations and technological advances due to the lessening pressure to make a buck with no natural resources.
Israel would charge market price. They would produce as much as they could, thereby lowering the price worldwide and helping the American (among others) economy.
They would not curtail production to maximize price because:
b) They need friends.
2) Ona may not apply even if they somehow found a buyer, since the buyer would be aware of the price discrepancy (this is a machlokes).
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Two Saudi princes pull up to a bank with a tractor-trailer full of cash.
Six hours later, the president approaches the two men.