Yes, there's a tiny bit of oil in our electrical grid (2.X% and falling), but almost all of that represents small local energy "campuses" (like universities and hospitals), or generators used for emergency power.  The primary electrical grid is driven by coal, nuclear, and hydro, with natural gas picking up almost all of the rest.

You could recycle every can in the country, and it would indeed be a great savings on our electrical grid (and a very good idea for both the economy and the environment).  However, it would not generate one single drop of oil.

The US energy crisis has to be solved by tying the two systems together.  Right now, 95% of oil goes to transportation.  Unless we move vehicles onto the grid, we can never expect to be free of the need for vast amounts of imported fuel.