I disagree on several points.

...the usual disagreement about justification of OIF.

PRC's economic growth: An active economic policy could have changed a lot. Much of the U.S. trade balance deficit is from trade with the PRC. Such simple things as increasing the savings rate and discouraging private debt would have reduced the imbalance and slowed down China's economic growth a lot. The West could also at least have talked about whether to prohibit the export of investment goods to China.
There were hundreds of policy options.

A government has the power to break the oil addiction. Imagine the effect of a gasoline tax of European proportions beginning in 2000, for example. U.S. cars would consume about 10-25% less fuel on average now.
Other sectors would have had similar fuel savings.

The global pricing of crude oil is a farce. Much of the oil trade is not on the market, but arranged in long-term treaties or simply transferred inside of multinational corporations. The oil price from the TV news is merely applicable to the oil that's still being traded freely.
So yes, it's possible to become independent from both ME oil and the global crude oil market price.
CTL is also competitive, it's been competitive since the oil price exceeded about 50 USD/barrel.

Certainly the last decade has seen an abundance of bad decisions in both economic and foreign policy, but claiming a causative relationship between the latter and the former is conjecture, I suspect with a bit of wishful thinking mixed in. An absence of foreign entanglement is no assurance of good economic policy, as we saw in the 90s.
I didn't mean to assert such a mechanism. Nevertheless, a country has a limited attention span and cannot cope with many great projects at once. There's little hope for domestic reforms of grand scale as long as much of the attention span is being wasted on (inflated) external threats.



Besides; I don't share the attitude that Iraq was a problem that had to be dealt with and was wrongly not dealt with by Clinton.
Post-'96 Iraq was no problem at all. There was merely a crazy illusion of a problem. This illusion was based on irrational behaviour (asking another power to prove the non-existence of non-existing items) and crazy scaremongering.
The only real issue was the question how the Kurds could be protected against Saddam's revenge, especially considering Turkey's stance. A guaranteed autonomy for the Kurds, reinforced with a UNSC threat of renewed sanctions might have worked.