August 1st, 2008
10:45 AM ET
6 years ago

Obama calls for windfall profits tax, 'emergency' energy rebate

Obama pushed for his energy rebate plan Friday.
Obama pushed for his energy rebate plan Friday.

(CNN) - Barack Obama said Friday that a windfall profits tax should be imposed on the oil industry to subsidize a $1,000 "emergency" rebate for consumers struggling with surging gas prices.

The rebates had already been announced as part of his tax relief proposal, but the presumptive Democratic presidential nominee said the release of a disappointing jobs report Friday called for the immediate adoption of the plan, which he said would provide a rebate that would “be enough to offset the increased cost of gas for a working family over the next four months."

Listen: Obama's economic advisors describe the plan on a campaign conference call


Obama and John McCain reacted to the latest unemployment numbers released Friday, which show the nation lost 51,000 jobs in June, by attacking each other’s proposed economic fixes.

“Today’s jobs report is an urgent reminder that we cannot afford four more years of the failed Bush economic policies, and that is what Senator McCain is offering,” said Obama in a statement, characterizing the plan as a give-away to corporations and oil companies.

The presumptive Republican nominee plugged his own jobs plan, and said Obama’s proposal represented a return to failed economic policies. "Unlike Senator Obama, I do not believe that raising taxes is the answer to our economic problems,” McCain said in a statement. “There is no surer way to force jobs overseas than to raise taxes on businesses. The American people cannot afford economic policies that will take us backward."


Filed under: Candidate Barack Obama
soundoff (202 Responses)
  1. ENE M DIAZ

    DEMOCRAT PARTY UNFAIRLYBIASED TOWARD CARTER SELFISHNESS, GOING CHEAT OR SWINDLE ON CLINTON CASE.//

    August 1, 2008 11:37 am at 11:37 am |
  2. A Nightingale Sings in Berkley Square

    After reconsideration, Obama is a fool and this plan is further evidence of how left thi nut is and will take this country. I'm sorry for being so foolish myself.

    August 1, 2008 11:37 am at 11:37 am |
  3. Dan, Mpls, MN

    Republicans = Greed. Drop the idea.

    August 1, 2008 11:37 am at 11:37 am |
  4. p Coleman

    How is Obama going to give the people a $1,000 rebate?????????

    Does he realize he is NOT the President???????????

    When Politicians talk about a Tax refund of 1,000 or 5,000 dollars that means you will be lucky if you see 100.00 dollars of that.

    There is very little any of the candidates can do, they are all just trying to become President and they will promise the moon and after they are elected give you a tennis ball.

    Untill the government starts thinking about the people that elect them instead of just greed nothing will get better.

    August 1, 2008 11:37 am at 11:37 am |
  5. Jacob in North Carolina

    So, $1,000 X the American population . . . where exactly will all that money come from?

    August 1, 2008 11:37 am at 11:37 am |
  6. SHAWN

    BUT WHAT IS MCCAINS PLAN ALREADY, STOP TLKING ABOUT OBAMA...TALK ABOUT SOLUTIONS

    August 1, 2008 11:37 am at 11:37 am |
  7. St. Petersburg, Florida

    In the few seconds as I sit here and read all of the negative attacks against Obama, I say to myself..... Exxonmobile just made roughly $4500 in those 3 seconds..and counting.... I am working a temp job just to keep my head above water, while most of the money I make goes into my gas tank each week just so I can get to and from my temp job..and oh by the way... I have no health insurance..

    I am a post graduate, 32yr old, African American female...

    My choice is clear.. Obama's the only hope I have left...

    August 1, 2008 11:38 am at 11:38 am |
  8. Matt, Minneapolis, MN

    Add $200 billion to obama's tab. Where wil that come from? The deficit. How will he pay for it since Exxon only made $40 billion of it last year? Tax us in the future. Taking the entire oil industries profits would barely cover it. Say good bye to all of bush's tax cuts not just no the wealthy. A wolf in sheeps clothing is still a wolf. Much the same as Change in socialist/liberal clothes is still a liberal.

    No to O.

    August 1, 2008 11:38 am at 11:38 am |
  9. John Sullivan

    Y'all can be bought pretty cheap! $1,000? Will that change your life?
    Instead of election year grandstanding how about forcing the oil companies to spend a mandatory percentage of profits on their infrastructure. Increase refining capability. Also a significant portion on alternative energy research and development. Both to have oversight to insure real and measurable progress. If set goals are not reached then taxes go waaay up.

    August 1, 2008 11:38 am at 11:38 am |
  10. Rick FL

    Obama talks about the issues facing our country. Good job.

    Unfortunately, too many Republicans seem to prefer rhetoric, as noted with the references to "socialism" here. Do these posters understand what that is? We already have many socialized programs in our country (i.e. police & fire departments, public schools & libraries, post offices, veterans' benefits, etc.), created/supported by Republicans & Democrats alike. It is not a political absolute.

    August 1, 2008 11:39 am at 11:39 am |
  11. Angela Frazier- lost

    It's called coincidence. It went down because supply and demand is taking control, we are using less as a nation, and tough talk about actually drilling for our own resources is affecting the market. It is certainly not because the Messiah made a photo-op tour of Europe on your dollar.

    August 1, 2008 11:39 am at 11:39 am |
  12. Susan in Florida

    With McCain taking a possible VEEP look at Carly Fiorina, Senator Obama might want to think twice about Hillary Clinton. Both presidential candidates can use the articulate talents and wide experience of either one of these attractive ladies. Fiorina, an expert economist, can debate better than any of McCain's present known possible candidates; and we already know what Mrs. Clinton can do.

    I suggest the gentlemen vying for numero uno revitalize their off-message campaigns by putting their money where their loud mouths are. In this country women outnumber men.

    August 1, 2008 11:39 am at 11:39 am |
  13. Not An Idiot

    Can any of you Republican Supporters inform me why the independents & undecided voters should be voting for the Republican Party .. after 8 years of disastrous Republican rule .....

    All You Do is Criticize Obama's Plan .. What is Mc Cain's economic Plan ... Seriously?????? ... More BUSH TAX CUTS FOR THE WEALTHY??

    August 1, 2008 11:39 am at 11:39 am |
  14. jr

    Okay, let me get this straight. Obama wants a wind fall profits tax on the oil industry. The monies would be collected by the government and given back to the people in the form of a $1,000.00 emergency rebate for those struggling with gas prices. If I state that correctly my question becomes, "Will we need to create another government agency to determine who and who is not a car owner, or who may or may not actually be struggling with gas prices? Or does the govenment just give everyone a freebie of $1,000.00 whether they need it or not?"

    Sounds like a government job program for political hacks waiting to happen. Lets figure out how to cut the prices at the pump instead . Then those of us effected will will truly benefit.

    August 1, 2008 11:40 am at 11:40 am |
  15. fafa

    stick to the issue and you win.

    August 1, 2008 11:40 am at 11:40 am |
  16. Lisa

    Does Obama know what a "windfall profit" even is? If he did, he'd realize that the oil companies aren't making them.

    And why isn't giving people $1000 a gimmick?

    Angela, gas prices went down when Bush rescinded the executive order banning offshore drilling. Obama's "Get Out the Vote in Europe" World Tour 2008 had nothing to do with it.

    August 1, 2008 11:40 am at 11:40 am |
  17. Matthew

    Its Bush who puted us in this hole!

    OBAMA 08!!!

    August 1, 2008 11:40 am at 11:40 am |
  18. PUMA-Jessie

    This is madness! A $1000.00 rebate here and another $800.00 there, here a rebate and there a rebate, everyone should get two or three, but my concern is where is all this money coming from. A windfall profit tax? The company will just raise the cost to recapture the tax. If it just comes from the treasury the national debt will just continue to rise and we will sooner or later become a third world nation. I am concerned that with Obama dropping in the polls is reaching a point to where he is going to try to "dazzle" us with bull. I do not like Obama as he is scary, I don't like Nader and I don't care much for McCain. I might just have to stay home on election day.

    August 1, 2008 11:40 am at 11:40 am |
  19. John B. From New Hampshire

    what a surprise... a candidate with IDEAS!!!! not just attacks!!

    OBAMA '08... REAL SOLUTIONS!

    P.S. to the clinton article.. please read below clinton supportsers to the next article of hecklers at an obama rally saying he wasn't focusing on the black community... hmmm, open mouth, insert foot!!

    August 1, 2008 11:41 am at 11:41 am |
  20. Obama will lose

    Does CNN ever "report" on a non-Obama story? So completely biased its amazing.

    August 1, 2008 11:41 am at 11:41 am |
  21. Liberal?

    You liberals have got to be kidding me. If you believe this, why not take $1,000 out of your pocket and give it to a struggly family today. Conservatives do this all the time. We just don't want inefficient socialist governments doing it for us.

    You folks are the height ignorant in terms of understanding economics.

    August 1, 2008 11:41 am at 11:41 am |
  22. CL OT

    What a moron. Lets tax the company that produces one of our most needed needs. It is funny to me that the goverment makes more money on the sale of a gallon of gas than the evil oil companies, but they won't reduce their take. Seems to me that Obama needs to run for president in a communist country instead of america.

    August 1, 2008 11:41 am at 11:41 am |
  23. ClintonDems4Cynthia08

    The role of a lifetime. Talent Optional. Barack Hollywood Obama.

    August 1, 2008 11:42 am at 11:42 am |
  24. Sick of Obamas Henchmen

    If McCain were smart, he'd tear apart Obama's integrity. He needs to go after his honesty and his ethical standards. The information is out there – not too hard to find.

    But with his mind-control speeches he delivers his bots would never notice.

    August 1, 2008 11:42 am at 11:42 am |
  25. Alice in Florida

    Why couldn't Obama just have stayed in Europe forever?

    August 1, 2008 11:42 am at 11:42 am |
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