I am a strong believer in oil windfall profits tax. It is sensible in its sharing of the revenue from the land, which is in many aspects collective to the society. Furthermore, I believe that the dependence on fossil fuels is by far the biggest factor in our destruction of the environment. Heavy taxation of oil profits would pressure more investment in developing renewable sources of energy.
Since all profits are already taxed adding a tax in the case of a windfall is unnecessary. Any time a tax is added while it might add revenue in the short term will cause a reduction in revenue over the long term as the additional taxation will result in corporations move to other countries to do their business removing their profits from our tax base and paying what we should receive to foriegn entity.