It'll work.
Funneling vast amounts of transportation cash out of the economy into government coffers is not going to cause any less economic impact.
You are also discounting the effects of high prices on supply as well. There is a vast industry whose job it is to get oil out of the ground and provide it to consumers at whatever the market will bear, just like any other product. Let it work.
If you want to do something useful, rework the regulatory system and stifle the anti-technology lobbies so we can start drilling for oil and building refineries in America again.
People seem to have an overwhelming desire to alter the operations of the market system by whacking it with a wrench.