Topic: Oil and Gas News - Obama wants windfall profits tax on oil companies - guardian.co.uk

Democratic presidential hopeful Barack Obama today called for a windfall profits tax on oil companies, which he said would be used to ease the burden of rising energy costs on poor and middle-class Americans. Speaking at a gas station in Indianapolis, Indiana, where Democrats go to the polls in a hotly contested primary election on May 6, Obama said that special interests, including the energy lobby, have blocked “meaningful relief” to consumers hard hit by high gasoline prices. He also called for “increased transparency” in oil markets, for an end to tax breaks for oil and gas companies, and said the US should cease purchasing oil for its strategic reserve. Obama “recognizes that it is critical that oil companies and shareholders have strong incentives to run well-managed businesses that invest in efficiency and innovation”, the campaign said in a statement. read more

[Tags]oil, obama, campaign, companies, energy, tax, oil and gas news[/Tags]

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