ASBL: Obama Drops Windfall Profits Tax for Oil and Gas Industry

1. I know this is a really old comment but I thought I'd say something here. The reason the windfall profits tax idea was dropped is that it was never going to be instituted in the first place. It was just an election campaign gimmick. The WFPT has a built in failure in that it is a tax on companies and not at the pump. Therefore foreign oil companies are exempt. This means american oil companies get put at an immediate disadvantage and can't compete with foreign oil. The result is that...cont.

2. ...domestic production comes to a near screaching halt, we start using more foreign oil and the 'dividends' of the tax never materialize. It was tried in 1980 promising to bring in$400 billion over 10 years. It actually only produced $39 billion total after 8 years so Obama's own party being in charge in '88 repealed it. Like I said/believe it was only a campaign gimmick from the get-go.