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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.
In Havana, the past year has been marked by a parade of bold-faced names from the north — John Kerry reopening the United States Embassy; Andrew Cuomo bringing a delegation of American business leaders; celebrities ranging from Joe Torre, traveling on behalf of Major League Baseball to oversee an exhibition game between the Tampa Bay Rays and the Cuban national team, to Jimmy Buffett, said to be considering opening one of his Margaritaville restaurants there. All this culminated with a three-day trip in March by Barack Obama, the first American president to visit Cuba since Calvin Coolidge in 1928. But to those who know the city well, perhaps nothing said as much about the transformation of political relations between the United States and Cuba that began in December 2014 as a concert in the Tribuna Antiimperialista.
Chances that a Republican man believes that “poor people have hard lives”:
A school in South Korea was planning to deploy a robot to protect students from unwanted seductions.
Nuremberg’s Neues Museum filed a criminal complaint against a 91-year-old woman who completed a crossword puzzle that was in fact a $116,000 piece of avant-garde Danish art.
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“Matt was happy enough to sustain himself on the detritus of a world he saw as careening toward self-destruction, and equally happy to scam a government he despised. 'I’m glad everyone’s so wasteful,' he told me. 'It supports my lifestyle.'”