Yet Another Obama Broken Promise: Now on Windfall-profits Oil Tax
Posted on December 3, 2008
Yet another broken promise to add to the ever-growing list, and yet another broken promise we can certainly live with.
U.S. President-elect Barack Obama is not planning to implement a windfall profit tax on oil companies because prices have dropped below $80 a barrel, an aide said on Tuesday.
“President-elect Obama announced the policy during the campaign because oil prices were above $80 per barrel,” an aide on Obama’s transition team said. “They are currently below that now and expected to stay below that.”
Oil prices have fallen from a record $147 a barrel in July to under $50 this week.
Obama, who signaled early in his campaign for the White House that he would take an active approach to oil markets as president, had planned to use the revenue from a windfall profits tax to fund a tax rebate for low- and middle-income families struggling with high energy prices.
The best way to lower profits for the oil companies would be to allow for greater investment in domestic production. Oil companies would love to invest in drilling off the OCS, in shale formations, and in ANWR, as well as new refinery sites. That would not only produce stability and security in American energy production, it would employ millions of Americans and stop the vast transfer of American wealth to foreign oil producers. It would also have the beneficial effect of robbing states like Iran, Venezuela, and Russia of the vital support high oil prices give their regimes. That will produce the boost in the economy needed to invest in research and development for alternative energy sources, without the government going even deeper into debt than it already is.
Perhaps Obama might have awakened to that reality. Let’s hope so. If it took a Nixon to go to China, maybe it would take an Obama to open up the OCS and ANWR.
Here he was in May/June of this year, vowing to punish the oil companies and redistribute the wealth: “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,” the Illinois senator said.
And now? Barack Obama is morphing into SNL character Emily Litella.
Such a shame that Obama’s plans keep getting foiled by, ya know, reality. Next we’re going to find out that the oceans didn’t stop rising when Barack Obama won the Democratic nomination. Sheesh.
One by one the list grows huge, as we watch all of Obama’s promises of change disappear. And he isn’t even in the oval office yet! So much for change!
Related: OBAMA, THE PROMISE BREAKER
» Filed Under Barack Obama, Change? What Change?, Coal/Energy Resources, Dems In Charge: Now What?, Economy, Energy, News, Politics As Usual, Socialism, Stupidity, Taxes
Trackback URL
Comments
3 Responses to “Yet Another Obama Broken Promise: Now on Windfall-profits Oil Tax”
Affiliations
The Giants
-
Advertise
Donate
Suggestions
Our Store
Click the design to visit our store and help Stop the ACLU!
More blogs about the ACLU
Oh, you just know Obama’s inability to even try to follow through on his campaign promises will be one line of attack against him in 2012.
Nah, Terry, they’ll find a way to twist it around to his benefit and find some way to blame it on G.W. After all, he caused so much destruction, that ANYONE was bound to fail!
as much as I don’t like the guy, or the liberal illuminati at all, I’m worried when I see him changing his stance on what he’s promised. That lets us know that we really have no idea what he might do while in office.