Exxon Profits Soar, Still No Windfall Profits Tax from Obama

Exxon Mobil Corporation announced that its first quarter profit earnings were up 38 percent, totaling $6.3 billion in profits due mainly to the high price of oil, which is now over $85 per barrel. To date, President Obama has still not fulfilled his campaign promise of enacting a windfall profits tax on the oil and gas industry. (http://bit.ly/9CrGHf)

In the run-up to the 2008 presidential election, President Obama routinely promised to enact a windfall profits tax on the oil and gas industry to fund a $1000 per household energy rebate. Within 48 hours of being elected, President Obama dropped the promise from his agenda. An “unnamed transition team staffer” tried to justify the decision by stating, “President-elect Obama announced the policy during the campaign because oil prices were above $80 per barrel. They are currently below that now and expected to stay below that.” (http://www.reuters.com/article/idUSTRE4B206W20081203)

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