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."
It is unclear as to why the price-point of 80 bucks per barrel is the deciding factor. But one thing is certain--Obama believes that success must be punished by outrageously higher taxes, even for small businesses, as he told Joe the Plumber.
The obvious question, of course, is how Obama can maintain his integrity by making such a move when he practically castrated John McCain during the campaign for taking such a stand on taxes on big oil.
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