The last time there was an oil windfall profits tax, Jimmy Carter was president--he signed the legislation into law--and the results were disastrous.
I have an idea for Obama--why not work towards allowing additional offshore drilling? Then energy prices will go down, and there will be less of a need--or no need at all--for a windfall profits tax to offset high energy costs.
The Democrats control both houses of Congress. As I write this, Republicans in the House of Representatives are meeting on the floor of their chamber demanding that House Speaker Nancy Pelosi call for a vote a bill to rescind Congress' ban on offshore drilling. At one time this afternoon, the microphones and the lights in the House were turned off. The Republicans kept at it, though.
Think about all of this the next time you fill up your car's gas tank--and it costs you $50.
Drill offshore. Drill onshore. Drill.
UPDATE 8:00PM Obama Time (Also known as Central Time): Do we have another Obama flip flop in the air? AP is calling it a "shift." It appears that Obama is reading his declining poll numbers and just might consider allowing offshore drilling! It's a step in the right direction, but his positions on more nuclear plants (Obama is against them), coal (against it, unless it's ethereal "clean" coal) is in contrast to what most Americans favor.
As Rob from Illinois Reason (Hey, I linked to you) pointed out, the picture is not of two offshore oil rigs. It's a picture from my 2007 Kansas trip. Here's some Obama trivia for you all--One of Obama's maternal great-granfathers managed an oil lease for Standard Oil in Kansas. So I guess there is oil in Obama's blood.
Good judgement? That's another matter.
Oh, I am aware that John McCain is a recent convert to expanding offhore drilling. However, circumstances have changed--gas has tripled in price in the years since McCain first expressed his opposition to rigs in the briney.
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