We have such a love affair with oil/petroleum that I can't conceive of the existence of a pejorative term for it. (As ever, I wait to be proved wrong ...)
Maybe you should try inventing one of your own, Ariotos
"Mystic" Stuart Wilde referred to it as "black blood," though I don't know if he's the first to use this. (I don't know much about him, but I can attest that others have coined it independently, as it was part of a translation I was working on.)
I'm with ewie, it seems hard to believe that "Texas tea" is ever maligned by anyone... save for marine wildlife.
An inflammatory phrase often used to criticize or condemn foreign policy, such as that of the U.S., is "oil for blood," suggesting that bloodshed is acceptable so long as oil is made available.