Well, with 175 million cars and trucks, airplanes, trains, ships, chemicals, drugs, plastics, etc. It isn't all about fuel. At present and for the next 50 years or so, we MUST have oil. So, congress gave these companies tax write offs, wells going dry, depreciation allowance on equipment, gifts to charities, etc. ALL companies get these and other tax write offs. The more I think about it, I prefer a VAT tax on everything and get rid of income tax. Companies would have to pay the VAT when they bought equipment. People would have to pay it when they bought something. That way, they could make better buying decisions. Rich would pay more when they bought yatchs, expensive cars etc. For fairness you could leave off food purchased to cook at home, but keep it on at restaurants. People do not have to eat out. It could be left off medical expenses for individuals, but not for doctors purchasing medical equipment. Off on perscription drugs. I read somewhere that just a 1% federal sales tax could get rid of income tax completely. Put 2% on imported items and oil to offset the loss from food and medical expense.
The only low cost reliable alternative to oil for fuel, is natural gas for vehicles. Electricity takes too long to recharge and initial costs are too expensive. If natural gas compression stations were installed nationwide, one could travel across country. Diesel is another alternative to cut back on oil use, but it still doesn't go away. Oil is here whether we like it or not. When the wells begin to run dry and the drilling costs become too high, algae oil will take its place or coal oil.
