This is one of the most confused- and confusing- things I've read on here in some time.
The fact that the federal gas tax has not kept pace with either a) inflation, or b) new road/bridge/transit construction, or c) the accelerating repair needs of facilities that have reached the end of their useful and/or safe lifetime, and must be rehabbed or replaced, would all be reasons I think to make an increase even more urgent. And this holds even if you thought 18.4 cents/gallon was adequate in 1993 (which I consider obviously untrue, but will grant for the sake of argument).
Furthermore, I have little idea what you mean by "targeting the oil/gas companies" and how it's supposed to be an adequate an/or sufficiently different substitute- and this may sound harsh but I suspect that you don't either.
I was merely stating a fact, namely that the federal gasoline tax is quite low. Abolishing it really would not accomplish much in terms of savings for the average person. It'd only take away from the already low and diminishing highway fund. However, I'd be hesitant to raise it, as it is a quite regressive tax that targets the low and middle classes.
As far as raising revenue goes, I'd rather put the burden on the oil and gas companies. That would include eliminating their tax breaks and subjecting them to significant taxation, which would ideally be an excess profits tax.
