Sinkholes, caveins, and such are caused by removal of natural resources much closer to the surface. Things such as salt, coal, etc..
As far as pumping water into the "empty" oil wells to lower ocean levels... Well, it would make a literal spit in the ocean's difference.
According to the NOAA, there is about 352,670,000,000,000,000,000 gallons of water in the oceans. That's 8,396,904,761,904,761,904 barrels of water. That's quintillion.
IIRC someone earlier said the earth uses 52,000,000 barrels of oil in a year. That's .0000000062% of the total water in the ocean.
Besides it would probably come back up as steam anyway.
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Today's Featured Article - Earthmaster Project Progress Just a little update on my Earthmaster......it's back from the dead! I pulled the head, and soaked the stuck valves with mystery oil overnight, re-installed the head, and bingo, the compression returned. But alas, my carb foiled me again, it would fire a second then flood out. After numerous dead ends for a replacement carb, I went to work fixing mine.I soldered new floats on the float arm, they came from an old motorcycle carb, replaced the packing on the throttle shaft with o-rings, cut new ga
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