As most of us know, the oil industry recently enjoyed fiscal quarters of record revenue and profits thanks to strong global demand, short supplies and high prices for oil and natural gas. Predictably, however, politicians like Rep. Dennis Kucinich, D-Ohio, Sen. Chuck Schumer, D-N.Y, and others were fast on the case, seeking but thankfully not getting new windfall tax legislation to tax "only excess profits," leaving "reasonable profits" unaffected and arguing that anything more than "reasonable profits" should be returned to society. They contend that the oil companies' recent quarter of higher profits is mostly an unearned "windfall" ostensibly due more to luck than anything else and they (the oil companies) really didn't do anything to earn it. It reminds me a bit of Massachusetts Rep. Barney Frank's comments on the estate ("death") tax some time ago to the effect: "...why should the kids get it it; they didn't earn it."

The politicians, concerned about their low approval ratings, go on to stress that the oil companies' profits this quarter are partially due to uncontrollable factors that they did not anticipate such as the tremendous increase in demand for oil from China and India. But that coin has two sides since just about every business venture involves factors that cannot be anticipated or controlled, and these factors can affect it both positively or negatively. That's part of the risk businesses must take on. Heck, just ask any restaurant owner