1.  What issue does Dr. Williams address in his commentary?

2.  Define the following as used in the article:
profit (1)  entrepreneurial, equity (2)  onerous (5)
robust, scarcity, oil refining, refinery, exploiting (6)
mouthing platitudes, beating up (7)

3.  How does Dr. Williams define normal profit in paragraph 2?

4.  Definitions for windfall profits found on the internet are:
-an increase in profit due to unforeseen events;
-a profit arising from causes not controlled by the recipient;
-a profit that occurs unexpectedly as a consequence of some event not controlled by those who profit from it
Why are windfall profits needed for a smoothly operating economy, according to Dr. Williams?

5.  How does Dr. Williams explain the oil companies' failure to increase supply in the gasoline market?
How does Dr. Williams' explanation differ from the media's usual portrayal of the oil companies' motives?

6.  Describe the solution proposed by Dr. Williams.

Dr. Williams is a professor of Economics at George Mason University in Virginia. To read additional articles from his archive, visit his website at George Mason University.