June 9, 2008
North Carolina (Reuters) - Democratic presidential candidate Barack Obama said on Monday he would impose a windfall profits tax on U.S. oil companies as he sought political gain from Americans' pain over high gasoline prices.
December 3, 2008
President-elect Barack Obama has shelved a proposal to slap the oil and gas companies with a new windfall profits tax because oil prices have dropped so much in recent months, the transition team confirmed today.
“President-elect Obama announced the policy during the campaign because oil prices were above $80 per barrel,” a transition aide said. “They are currently below that now and expected to stay below that.”