I generally agree with libertarians in that people should not be overly taxed when they create a house or plant a crop. But in this case, the person who owns the land did not create the natural resources. So no, they should not be entitled to it. Also the current public is not entitled to it either. Future generations need to be considered as well.
There are actually far more practical reasons for public management of oil and gas resources. The reservoirs are huge and span more than a single owners private property. In order to harvest efficiently you may require coordination or non local maxima decisions to improve overall production. Otherwise you'll leave the majority of the resources in the ground with no way to get them out
Private entities manage to coordinate across the globe to build hugely complex products, from extraction of resources to manufacturing, assembling, distribution and retailing, and you think reaching an agreement between a few land owners is too much for it?
