First, you seem to be confusing the term "abolish" with "increase." Abolish means remove entirely. Therefore, no taxation on anything, let alone oil products/producers.
Second, no government has the right to "make someone" do anything with their profits. The someone could hoard their money, spend it frivolously, or burn it in pyres and the government has no right to say which of the three is right or wrong. Business and government are properly seperated, as are church and government.
Third, are you refering to GWB, or GB Sr.? Because GWB LOST a lot of money in oil because he's incompetent, he didn't make a lot.