This is not correct. The reason BP is earning record profits is because the price of oil has increased, and oil companies base their profit per gallon on a percentage of the price of oil. Or more simply: BP is making more money because people are paying more money to get the same amount of oil. This has a negative effect on the standard of living of most people, for they have less money to spend on other things.

Further, the nation is not making any additional tax dollars. If gas prices had been cheaper, surely BP would have made less money and would therefore have been taxed less money. However, people would still have spent the money they saved; they'd have just spent it on something else. So if I used the money I saved at the pump to buy a candy bar, then the candy bar's company would be taxed too, which makes up for the lost tax on BP. The difference is that I'd have both gas and a candy bar instead of just gas. My standard of living would be improved.

As for additional jobs, similar logic is applied. BP could use their extra profits to create new jobs. However, the candy bar company could also use their extra profits to create new jobs.

Now don't get me wrong; I am pleased when companies are profitable because they are an important and necessary part of the economy. However, I'd rather a company become more profitable by providing more services. In the case of oil companies, they are becoming more profitable by making people pay more money for the same old product. This is not the optimal situation.