One of the least appealing aspects of Barack Obama's run for president was his call for a "windfall" profit tax on oil companies.  As many noted at the time, no other industry was singled out by Obama to receive a similar penalty on its profits, despite the fact that there are dozens upon dozens of industries that generate a higher overall profit margin. But it was cheap and easy for Obama to demonize oil companies for political benefit during the campaign, so he did.

Now, however, after the price of oil has dropped in the intervening weeks from a high of close to $150 per barrel to the $50 per barrel range, the oil companies are suddenly looking far less demonic, so Obama has temporarily shelved the idea of slapping them with a windfall profit tax.

An aide on Obama's transition team explained to Reuters that Obama declared during the final weeks of the campaign that $80 per barrel for oil was the threshold price for applying a windfall profit tax. How Obama came up with this figure is a mystery, and it demonstrates not only the foolishness of setting arbitrary price triggers but also the unfairness of targeting one industry for additional taxation over all others.

Why, for example, isn't President-elect Obama willing to stipulate that the Big 3 automakers - most likely soon to be propped up by an infusion of billions of taxpayer dollars - are not allowed to make more than 7% profit (or 8 or 9 or 10%?) on each car they make without incurring an additional government tax if/when they become profitable?