Thursday, December 04, 2008

Obama's Windfall Taxes Shift: First Broken Promise?

Huffington Post

December 3, 2008 05:30 PM

The Obama team's decision to drop the idea of forcing oil and natural gas companies to pay a tax on their windfall profits has caused a firestorm among liberals and small business coalitions.

As first reported in the Houston Chronicle, Obama's reference to a windfall profits tax, which he articulated during the campaign at a time of skyrocketing gas prices, had been removed from the transition team's Website,

The Guardian Friday April 25 2008

Obama proposed "a windfall profits penalty" on oil selling at or over $80 per barrel. He would invest revenue from the tax in a federal weatherisation, and in programmes to help low- and middle-income Americans pay heating and cooling bills.

He also called for "increased transparency" in oil markets, for an end to tax breaks for oil and gas companies, and said the US should cease purchasing oil for its strategic reserve.


  1. I know Obama is smart enough to see through "The US is center right" crap the media have been pushing.

    But will he bring himself to counter that corporate media complex lie?

    It's nice to see that bubble of hope floating over the land...until around January 20, anyway.

  2. Yep, I think Obama means well, but can't help but wonder how much authority he will really have?

  3. I hate to break it to everyone, but 'Murrika is considered very conservative, Obama included according to Europeans; Thoughts on the US presidential election( Just scroll down.

    As for letting the oil companies off the hook, Marathon Oil and GM has already invested in and controls green companies;

    That said, I prefer Obama's FDR-style neo-liberalism over the Bu$hco Crime Families fascism any day.

    As I've said before, some scraps from the table are better than none at all.