Patent Laws-Improvements?

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Oil companies control the patents of major nonrenewable resources, and so, those world-changing tools are not allowed to proliferate. So, would it be practical if patent laws were modified to allow proliferation of patented products outside of the patenteres' influence as long as periodic restitutions are paid for? For example, an oil company executive creates a car that runs on radio waves, but even though that creator says that such an item is not allowed to become part of the market, someone else can just swoop in and start manufacturing it, forcing the origonal creator to either scrap the project or compete with the interferer. Still, either way, that executive gets monthly payments by having a portion of the product's profits go directly to him as restitution.

That way, monopolies on inventions are vaporized and the forced scarcity of various useful devices become absolutly pointless. Would that be practical?