Will Obama Flip On Windfall Profit Tax?

[Mad Scientist]

Obamas top economic advisor Austan Goolsbee (yes that's the correct spelling) says there's no need for windfall profits tax when the price of a barrel of oil is as low as it is now. Watch the video interview:
Obama's Energy Policy - FOXBusiness.com

When asked at what price would be considered high enough for a windfall tax, Mr Goolsby replied, "about $80 a barrel". What's the cost now, under $50 right? That pretty interesting considering the OPEC Nations recently said they want to slow pumping so that the price will stabilize around 70-75 dollars. Pretty convenient huh?
Look for oil to go back up to 70 or so dollars a barrel in the coming year. Though not as fast as last time because as you know Obama likes high gas prices but doesn't like them rising so fast! His words!
I know that Obama reneging on the windfall profits tax thing has got to really piss you Liberals off huh? He aint even inaugurated yet and he's already angering the left! Well your anguish sustains me.
You know, the way the Obama administration is headed I wouldn't be surprised if he nominates a Conservative to the Supreme Court if he gets the chance!

 

[user_name_guest]

Hopefully the left do not turn on this guy with the same rhetoric given to President Bush.

 

[Mencken]

The windfall profits tax was tried in the early 1980s or late 1970s. It failed and was repealed in short order some time later and drew in much less revenue than was expected and predictably enough, garnered the expected economic reaction from the oil companies.

(It drew only $80 billion in revenues).

I'm glad the President-elect has disposed of this unnecessary idea.