Obama shelves oil company tax after price fall.
Obama is appearing more like a pragmatic opportunist, even while breaking yet another campaign promise. It is sure to infuriate the wealth envy, swooning masses who voted for him. I say 'Good!'
"Many energy experts warned that imposing a windfall profits tax would discourage energy companies from drilling for oil in the United States, which would exacerbate U.S. reliance on foreign suppliers."
Common sense. Supply & demand. The 'windfall profits tax' is an economic fiction. It demagogues convenient straw targets for political ends. It ignores other, more profitable industries, for the same reason. Obama knows this. It explains his about face.
'Hope n Change' looks a lot like 'Center-Right'.
You're welcome, nutroots.