Re: applicability of static methods in web applications?

Things are working at our end (though it might be absurd). The
variables declared in static method fall under thread scope right?.
The DB Connection, statement, resultset all fall in the same static
method.

public static List getMyResultSet(){
  Connection conn = getConnection();
  PreparedStatement pStatement = conn.prepareStatement();
  ResultSet rSet = pStatement.executeQuery();
  List resultSetObjectList = new ArrayList();
  ...................
  ...................//Populating resultSetObjectList here
  ...................
  return resultSetObjectList;
}

this is how our code is written and is working now. We invoke these
methods statically from the servlet prefixing the Class name. I know
that this is not a good style. Infact that was my question:
----isn't there any steadfast rule that says you shouldn't create
static methods that has business logic in them?.