Obama demands windfall profits tax

His numbers will continue to decline this week as his latest ad on his energy policy is released. We’ll spend a good part of the day on this plan to tax those bad oil companies. I hope to find out HOW he plans to tax – little details like per barrel or by percentage are undiscovered so far.

Let’s start with an op/ed from the Wall Street Journal. Warren Buffet, a core advisor on Barack Obama’s economic team, ran a 11.47% profit margin on Berkshire Hathaway in 2007, more than American big oil companies. Why not tax his windfall profits, too?

Earlier discussion along this topic: June 23.


  1. A Windfall Profits Tax impacts more than the oil companies.

    There are hundreds of thousands of people who are royalty owners. The average well in the USA produces something like 10 barrels per day. Under a Windfall Profits Tax scheme, these royalty owners will see their monthly royalty checks reduced 50% or more.

    Additionally, the Oil Producing States impose a production tax on the oil produced in their state. Under a Windfall Profits Tax scheme, these states will see a reduction in their production tax income of 50% or more.

    Those of us who oppose Obama and his Windfall Profits Tax scheme need to mobilize the hundreds of thousands of royalty owners and the tens of millions of people who live in the oil producing states.

    These people need to understand that in no uncertain terms a Windfall Profits Tax will be a big hurt upon their income.

  2. I hadn’t thought it through like that. My dad and aunt have royalties. Another argument for Dad to vote Republican this year!