[Guest post by DRJ]
The Obama team revealed it will shelve efforts to pass windfall profits taxes on the energy companies now that the price of oil has fallen below $80/barrel. Obama originally planned to use the tax proceeds to pay energy rebates to consumers.
Some Obama supporters will undoubtedly be disappointed by this cave-in to Big Oil. As Tom Maguire says (channeling Democrats’ advice to Republicans after Obama’s victory): “Obama is your President – suck it up.”