Transitioning to renewables makes economic sense for the Saudis because they make more money selling a barrel of oil for transportation fuel and generating power with wind and solar.

The US has vast reserves of coal and natural gas. We generally don't use oil to generate power either -- oil is something like 0.4% of the total power generated, because we have vast amounts of natural gas and coal to use instead.

The situation isn't the result of some crafty master plan on the part of the Saudis. It's jusut what makes sense.