Letdown: No More Special Taxes for Oil Companies

In the short term, this is a minor and perhaps understandable letdown, but a letdown nonetheless. From Salon:

In June, during his campaign for presidency, Barack Obama promised that he would institute a “windfall profits tax” on US oil companies. “I’ll make oil companies like Exxon pay a tax on their windfall profits, and we’ll use the money to help families pay for their skyrocketing energy costs and other bills,” he said at the time.

Of course, crude was above $140 a barrel back then, and U.S. consumers were shelling out nearly $4 for a gallon of gas. Now, with crude prices having dropped more than $100 a barrel, Obama has apparently given up on his idea.

Wednesday, the Houston Chronicle reported that the American Small Business League noticed that language referring to the policy has been removed from the Obama transition team Web site, Change.gov.

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2 Comments

Filed under politics

2 responses to “Letdown: No More Special Taxes for Oil Companies

  1. Michael N

    It seems that your position was ahead of the curve and the sense of ‘letdown’ on specific issues is becoming a generalized condition, if this article on Politico is an indication: http://www.politico.com/news/stories/1208/16292.html

    • Carlo Scannella

      There’s been a lot discussion on the blogs about this very issue. I think it’s been clear for some time Obama’s “pragmatism” was going to run right into many liberal positions. Interesting to watch as this continues to play out.

      Thanks for the link, Michael!

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