Don't Punish Oil Companies For Profits

'Excess profits." That's what oil companies are earning, Barack Obama says — and he's not alone. Recent earnings reports from these companies have set off such a wave of anti-profit proposals that it seems our politicians are reading Mao's "Little Red Book." The book they should be consulting is "The Little Red Hen."
The record and near-record profits reported by Shell, Exxon and Chevron come from two factors: The price of petroleum is at record and near-record levels; and these companies produce petroleum.
Of course, they refine and distribute the petroleum products as well, but that's not where the record profits arise. Indeed, the companies that focus on refining and distribution don't generate much envy. Marathon, for instance, reported first-quarter profits that inched up only 2 percent....