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The difference between 1974 and now is the US is now a net oil exporter.
From net oil importer to net oil exporter
Shifts in the role of petroleum in the US economy
"Our FRED graph above helps us answer that question by displaying the time series of net exports of petroleum-related products for the US as a share of GDP. From 1985 (when data are first available) through 2020, the US was a net importer of oil. The series was negative during that period. The series became positive around 2020, indicating that the US became a net exporter. This change is primarily explained by rising exports of refined petroleum products, such as gasoline and jet fuel."
fredblog.stlouisfed.org - From net oil importer to net oil exporter 