Would it not make sense to divert profits from oil companies, via tax, into sustainable energy resources?

Question

Increasing oil prices may curb demand, but why does that have to translate into profits for oil companies?

Answer 1

It might.  Maybe we should have done what Europe has been doing for years.  Gas prices have been $4-$5 per gallon in Germany for many years ... not because of the price of oil, but because of higher taxes.  In other words, Europe hasn't diverted profits ... they've taken it from tax payers.