Posted by Scott Malensek on 3 December, 2008 at 3:34 am. 12 comments already!


Pres-elect Obama isn’t even waiting to take office to throw away his campaign promises. He’s on track to get them all out of the way before he’s even sworn in. Smart move politically, but with each new broken promise, with each pledge to continue a Bush policy, he reveals himself to his voters as more and more of the empty hat that Republicans (and pre-nomination Democrats) claimed he has always been.

CHICAGO/WASHINGTON (Reuters) – 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.


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