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‘Windfall profit’ tax move leaves reason for worry

12/15/2008
The US oil and gas industry has reason to feel relief and worry about President-elect Barack Obama’s decision not to pursue a “windfall profit” tax on oil.The Obama transition team let it be known on Dec. 2 that it had dropped the proposal from consideration. Obama earlier saw it as a way to raise money to help energy users hurt by high prices.Industry trade associations appropriately welcomed the decision. But they and the companies they represent must stay on guard.That the idea of a windfall profit tax had any life at all speaks ominously about US energy politics.It indicates failure to see the importance of future oil and gas supply, which can come only through inves...
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