The foreign policy of the United States, shrill whining aside, is infinitely more complex than "oil". Our relationship with Egypt, in particular, has been fashioned over a very long period of time and very diverse set of circumstances.
The first stage of modern Egypt-US relations was, oddly enough, our using them as a proxy against the UK and France in the Suez war, in an attempt to keep NATO an American-led club (this came back to bite us in the ass during Vietnam).
Then Egypt proved masterful at playing us and the Soviets off one another for money; they essentially took both our dollars and their rubles and completely ignored us. They swung from "buddy" to "enemy" with surprising speed, multiple times.
The next phase involved the post-1973 peace arrangements with Israel; Egypt and Saudi Arabia were the two pillars of our "keep shit quiet over there" strategy; this, however, merges with the Cold War narrative as both Egypt and Israel at that point were still very good at playing us and the Soviets off each other (and there's even some evidence of collusion between them to that end, ironically...)
The 10-cent version of that long period that basically cemented the US-Egyptian relationship was "don't invade Israel and don't become pro-Soviet and we will sign whatever check you want". Egypt was basically a buffer between the pro-Soviet block in southwest Asia (Syria, Iraq) and the sub-Saharan states; essentially the Turkey of Africa.
Since the fall of the Soviets, Egypt has had relatively less to offer us, which may explain their increasing toleration since then of MB splinter groups (which give them something to offer us... see Kipling on Danegeld...)
Since 9/11, the Bush doctrine made it pretty clear that any government that suppresses pan-Islamic political movements is a friend of ours.
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