Your correct in principle, but what do we do the revenue from oil?  We can save it or spend it.  We already have almost 60 billion is savings, so spending seems reasonable.  Now, who should spend it?  The people who own the resource that is being sold, or the government on their behalf?

It seems that individual people spend the money better then government; neither "deserve it".  (a side note, perhaps we should slow the rate of oil production and live on savings for  while, using the oil in the ground as our "savings"; the pipeline should have been built to move 1 Mb/d).