What Happened To Obama's Windfall Profits Tax On Energy Companies?

Politico has an interesting piece today on how candidate Barack Obama supported increasing taxes on oil companies, but President Barack Obama has since backed away from the proposal:

With gas prices at record highs during the campaign, Obama backed the so-called windfall profits tax as the top item of his energy agenda, arguing it was needed once oil tops $80 per barrel. He ran TV ads in 18 states touting the idea and slammed GOP rival John McCain for taking oil company contributions “instead of taxing their windfall profits to help drivers.”

But four years later, as oil sits well above the $80 marker for the second year in a row and Republicans hammer Obama on energy policy, the idea is about as popular in the West Wing as $4-per-gallon gas.

The windfall profits tax was replaced with a call to close energy companies’ tax loopholes. That’s a proposal Obama pushed during a 2011 appearance in Pennsylvania.

Editor's Picks