Posted by
Always To The Right on Wednesday, December 03, 2008 5:35:40 PM
This shouldn’t shock anyone who pays attention to the price of
gasoline, but it raises plenty of questions about the next
administration’s ambitious agenda. Barack Obama won’t impose a windfall-profits tax
on oil companies, breaking an oft-repeated campaign pledge. He had
originally planned to use the revenues he expected to fund his spending
plans
The reality of the oil market made the notion of a windfall-profits tax
untenable, simply because the revenues no longer existed. The profit
margins actually never
existed, but the Obama campaign misled
voters by focusing on the dollar amounts rather than the margin
percentage, which was actually quite modest, between 8-10% during a
time when other industries averaged two or three times that return.