I wouldn’t call that law nationalizing oil.
Nationalized oil is what the russians the saudis and most countries have these days. They have made oil production an agency of government and taken its revenues to pay government salaries.
The result is that innovation dies.
In the USA oil companies operate independently of the government. The oil fracking revolution has come despite the feds — not because of them.
The current US law banning the export of raw crude was put into effect in the 1970’s after opec embargoed oil and drove its price up.
If you are banned from selling your product internationally, that is not exactly “operating independently of the government”