Today Senate Democrats are going to try and push windfall profits tax legislation though.  Senator Dick Durbin (Senator Barack Obama’s colleague from Illinois) is describing this as an effort to show oil companies “that there is a limit on how much profit they can take in this economy.”

Because “limiting profits” is what America’s all about.  Life.  Liberty.  Government-regulated profits.

As the Senate considers this there’s one thing to keep in mind: A windfall profits tax on oil companies has been tried before.  Such legislation was passed during Jimmy Carter’s term in office, and what did that legislation result in?  Less domestic production of oil and more dependence on foreign oil.

Is that really what we want as America struggles to become less dependent on foreign oil?

North Dakotans, in particular, should have an interest in this legislation.  Senator Byron Dorgan from our state has been a particularly ardent supporter of a windfall profits tax, but as oil companies pour money into North Dakota to explore and exploit the Bakken oil reserves is a punishing new tax on those oil companies - something that would confiscate vast swaths of the same money they’re investing in our state right now - really a good idea?

It isn’t.  A windfall profits tax would be bad for North Dakota in that it would slow investment in domestic production of oil and thus oil production in North Dakota.

Watch carefully how Senators Dorgan and Kent Conrad vote, North Dakotans.  Will they vote for what’s best for North Dakota or will they side with their national party?