Therefore the reason for a market - that higher prices provide an incentive to produce more of something - doesn't apply in the long run. The petroleum under the ground in the US is a national resource.
What of the air in the atmosphere? Is that not an international resource? Should we not have a market for use of what the atmosphere will bear, perhaps to preserve CO2 (and particulates, and VOCs, etc) at pre-industrial-revolution levels? We now literally have cars whose exhaust is cleaner than their intake in "polluted" cities, where the value of "polluted" is vastly exceeded by some cities. I'd be looking at Beijing if I could see it.
Economics is all well and good if you don't get to ignore externalities. Perhaps we institute a system of eco-economics (see: Mars trilogy) before we find ourselves unacceptably mired in debt to physics.