I'll Put a Windfall Profits Tax on Oil Companies

Promise Hedged President Obama hedged on the following promises:

"I'll put a windfall profits tax on oil companies and use it to help Indiana families pay their heating and cooling bills and reduce energy costs." — 4/25/08, Indianapolis

"I'll make oil companies like Exxon pay a tax on their windfall profits, and we'll use the money to help families pay for their skyrocketing energy costs and other bills." — 6/9/08, Raleigh, North Carolina


Updated: January 26, 2009

We originally rated this promise as "broken," but after carefully reconsidering the current situation (and in the interest of fairness) have changed our rating to "hedged." Should oil prices go back up to 2008 levels we will reconsider this change in rating should President Obama fail to bring up the subject of windfall profit tax at that time.

Updated December 6, 2008

President-elect Barack Obama is not planning to implement a windfall profit tax on oil companies because prices have dropped below $80 a barrel, an aide said on Tuesday. "President-elect Obama announced the policy during the campaign because oil prices were above $80 per barrel," an aide on Obama's transition team said. "They are currently below that now and expected to stay below that." Reuters Dec. 2, 2008

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