Broken promise #1
According to the Houston Chronicle, Obama is just after breaking promise number one by removing a plan to tax windfall profits within the oil and natural gas industry from his website’s Economic Plan section.
“President-elect Obama announced the policy during the campaign because oil prices were above $80 per barrel,” the aide said. “They are below that now and expected to stay below that.”
Indeed, the price of crude has fallen $100 a barrel since its record close of $145.29 on the New York Mercantile Exchange July 3. Obama had long called for using the proceeds from the proposed new tax to give American consumers an “emergency energy rebate” worth up to $500 per individual or $1,000 per married couple.
I was quite looking forward to this, the oil industry is always complaining they don’t make enough for tax increases of any kind in the States (despite the resounding evidence to the contrary) but the point is, if you’re not making a huge profit then you won’t be taxed on it, therefore they’ve nothing to worry about if they’re telling the truth right?
Lets hope it’s just temporarily off the cards until the price of oil surges again….