President-elect Barack Obama has quietly dropped his original proposal for a windfall profits tax on oil companies, according to a spokesperson.

Obama has jettisoned the plan after the price of oil has fallen precipitously in recent months. An unidentified aide told Reuters that Obama announced the policy back when oil was above $80 per barrel. However, the price of crude oil has fallen $100 per barrel since it hit a record level of $145.29 on the New York Mercantile Exchange on July 3.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access