Broadly agreed, with the tiny quibble that, along with oxygen, it's a life-requirement for which there is no substitute, making it even more critical.
Kinda.
The issue is one of fresh water.
We have all the seawater we want. The difference between that and fresh water is energy.
Same with oxygen. The earths crust is silicates, the difference between that and free oxygen is energy.
In other words, both are substitutable with other resources, provided you have the energy. Which this administration seems to want to deny us.