Walter Williams explains basic economics once again, in "Windfall Profits".

My addition of Windbags? Well, read the article to the end. Hint: one of our too many distinguished representives to the most deliberative body in the world. I don't know if all the articles Mr. Williams has done during his career are on line; I haven't looked. I do remember growing up with his columns syndicated in our local paper as they were the subject of frequent mention. Anyway, it is those memories that give me little doubt he has made the effort to explain this as often as we have had significant oil price spikes. And here it will be again falling on deaf ears in Washington. That's too bad.

(I would have preferred to have used the onomatopoeic term "Gasssssbags", but Windbags matched for a reason that I don't know the word for. :)