Oil companies are for profit entities! woo yeah and that is a good thing. The highest form of social behavior is business when done honestly. Due to careful accounting this is a one of the few forms of human behavior that has a decent objective metric placed on it. Therefore its easier to expose and right wrongs.  In contrast socialism ( think democrat) is of course all about not having enough visibility on behavior and therefore enabling market inefficiencies that benefit their cronies.
In the specific case of oil if you raise taxes on oil this cost is going to be directly passed on to YOU the consumer. Any diversions of the tax money is going to be a waste. Viable alternative energy sources are not going to need a bit of help off of the ground. The reason for this is that there is so damn much money to be made if you have a viable method. And I’m not thinking corn based ethanol here! I detailed one of the reasons why here:
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