Bizblogger

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Wednesday, December 03, 2008

Obama: No Windfall Oil Profits Tax

Remember that idiotic windfall profits tax proposal on oil companies? Never mind, says Obama. An aide said that with oil prices below $80/barrel, there is no longer a need for such a tax. I'm a bit confused - if oil companies were responsible for high oil prices, then why did they let them drop almost 70% in 6 months? Why not keep them high to make more money?