Not advocating socialism here, but how about a 70% tax on the profits that ARE NOT reinvested into oil exploration and drilling.
The United States has the largest known reserves of oil shale in the world (At about one terabarrels (thats a million, million barrels), it is larger than any of the countries in the middle east). Oil shale is more expensive to produce than regular oil, but that is because the technology has not been adequetly invested in. Take $40 billion dollars and reinvest something like $10 billion of it into technology to turn oil shale into oil, and the United States will not have to import a single barrel of oil for hundreds of years!!
I don't mind the high profits. I would rather that money be reinvested into something that is beneficial for every american.