The windfall profits idea is exceptionally bad, even if popular. The main casualties of such a tax would be:

1. Jobs 2. Their own long term investments, such as other energies 3. Additional investment in exploration

The result would be a massive transfer of power away from the private firms and toward the state-owned firms. Feel like rolling the dice on the future with that power going even further toward Sabic, Pemex, PdVSA, Gazprom, & the likes?

Obama's other ideas are sound, though, and I might be willing to roll the dice under the assumption that won't be able to pass any sort of significant windfall tax.

Or, maybe he ought to pass a windfall tax on pharmaceuticals and fund his health care initiatives off that . . .