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That was fast.
“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,” Obama said a few months ago when he was running against John McCain.
Now president-elect Obama has “shelved a proposal to slap oil and natural gas companies with a new windfall profits tax,” according to a story in the Houston Chronicle. The Obama-Biden transition project didn’t announce the shift. It was acknowledged after the American Small Business League released a press statement noting that Obama’s promise to implement such a tax had been removed from change.gov, the transition’s web site.
“The promise was displayed prominently at the top of the ‘economy’ section of Obama’s campaign website,” said the statement. “That same information was transferred to Obama’s transition website, www.change.gov, when it was launched on Thursday, November 6th. However, the language regarding the windfall profits tax was removed on Saturday, November 8th in an unceremonious and abrupt manner.”
I’ve heard reasonable people argue for and against the windfall profits tax, and gasoline prices are way down over the past few months. Still, it’s curious that Obama has already dropped the idea given how prominently it featured in his campaign rhetoric. And just over a month ago, Exxon Mobil reported a $14.83 billion profit for the third quarter, a record for a U.S. company.
More from Ken Silverstein:
Commentary — November 17, 2015, 6:41 pm
The Clintons’ so-called charitable enterprise has served as a vehicle to launder money and to enrich family friends.
Estimated number of calories a person consumes during Thanksgiving dinner:
The earth had become twice as dusty during the past century.
A man sued Pennsylvania state police who detained him for 29 days when they mistook his homemade soap for cocaine.
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“Shelby is waiting for something. He himself does not know what it is. When it comes he will either go back into the world from which he came, or sink out of sight in the morass of alcoholism or despair that has engulfed other vagrants.”