While that theory looks like it's connected together with chewing gum.
China doesn't need the US to get oil deals. They made a new one a short while ago actually.
What is true however, is that the USA as strongest country in the world and that they're very wary of China. The king of the hill always wants to remain the king. It's only natural.
Expect open deals between the USA and India (the other mega power on the rise) very soon.