Whatever happened to that excess profits tax on the nasty oil companies?

Wasn’t that supposed to pay for all kinds of good stuff?

Barack Obama supports imposing a windfall profits penalty on oil selling at or over $80 per barrel. Revenue from the proposal will be invested in a number of measures to reduce the burden of rising prices on families.
Source: barackobama.com

Keeping in mind, of course, that TBP doesn’t understand the difference between “commodity prices” and “profits”.

From today’s Wall St. Journal

HOUSTON—ConocoPhillips said Wednesday it will sell assets in Canada, the U.S. and the North Sea as part of its bid to restructure itself—a transformation that executives say heralds a major shift in the way the oil business is run.

The Houston-based company also reported a 71% drop in earnings because of lower commodity prices and a weak environment for refining operations.

Oops. Oh well.

I suppose this is redundant, but elections DO have consequences.