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

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

[cnn-photo-caption image= caption="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. Jacob Liebman

    What the hell does he stand for. He seems to have nothing to say as for fuel, the economy etc what' s he for?

    August 1, 2008 11:26 am at 11:26 am |
  2. Robert in Seattle

    Socialism or Fascism? I'll take the lesser of two evils! Corporate Fascist state run by H Goering clones is not the American Ideal. I'll take my $1000 and give it to someone poorer than me! I can barely make ends meet, but at least they are met.

    Big oil puppets NO!

    Obama 08 YES!

    August 1, 2008 11:26 am at 11:26 am |
  3. Kongtooth

    That's awesome... we've all seen how past tax increases on companies have helped them out... and lowered prices...

    This guy is a tool.... which is why as of today McCain is tied in the polls... even after the Europe Rock Star Tour...

    Bye Obama... and don't come back... Moron

    August 1, 2008 11:26 am at 11:26 am |
  4. SDunn

    Excuse me Keith get your facts straight. If you check you would learn that the bill Obama voted for increased funds for alternative energy proposals and also increased taxes for the oil companies. McCain has not voted once to increase fuel efficiency on cars like Obama has or once to increase funding for research for alternative fuels like Obama has. Who do you really think has our best interests at heart? Now all of a sudden McCain is interested in offshore drilling??? Right, interesting that as soon as he said he was for it he received over a $1 million in donations from big oil.

    August 1, 2008 11:26 am at 11:26 am |
  5. Jeff

    Hey Johnny, hate to break it to you, but "oil companies" and "jobs overseas" are two different arguments...

    August 1, 2008 11:26 am at 11:26 am |
  6. Richard

    I am a former republican and my vote is for Obama. He is just the better candidate with better policies sorry McCain.

    August 1, 2008 11:26 am at 11:26 am |
  7. Abby

    Fantastic! Stick to the issues that will impact my pocketbook and the lives of our barce troops. Thank you!

    August 1, 2008 11:27 am at 11:27 am |
  8. Jan Illinois

    Speaches, Dreams, Wanting will not get it done. Tell us How your going to do it, before Nov. Too much retoric B.O. When are we going to demand that these guys get to the facts instead of this junk, emotional voting is whats happening here and it will fail.

    August 1, 2008 11:27 am at 11:27 am |
  9. Big D

    Go Obama – keep talking about the issues and making substantive proposals. Keep taking the high road.

    Media – can we keep the focus on real issues like this, and skip the tabloid coverage for a while? Please?

    August 1, 2008 11:27 am at 11:27 am |
  10. Leon

    Did you hear how many billions of dollars in profits the oil companies made. Exxon made record profits in one quarter. Clearly, this administrations focus have to help big companies profit off the backs of hard working Americans. In addition to these profits, we are spending $10 billion / month on a war. What is wrong with this picture. We have people losing their homes, sons & daughters are dying, economies in shambles.


    August 1, 2008 11:28 am at 11:28 am |
  11. demwit

    What about Wal-Mart's profits? Isn't Obama going to take some of that money too? They just sending it to China anyways..

    In fact, Obama should cut to the chase and regulate all our profits. He can then just take what he thinks we need for government..

    August 1, 2008 11:28 am at 11:28 am |
  12. Josh

    You libs laughed at Bush's rebates earlier this year and now this plan is so much better????

    I believe the government (who spends millions of $$ on their own pet prjects via pork barrel spending) owes us money not the private citizens who exceled at their professions and achieved their American dreams.

    This plan is the definition of socialism and is not in the spirit of the American economic system. And don't feed me that evil corporate America b.s.

    August 1, 2008 11:28 am at 11:28 am |
  13. jeff

    Who says what! but Obama is the real deal. Look at Mccain he knows nothing expect waging illigal war and negative attack.

    August 1, 2008 11:28 am at 11:28 am |
  14. Jim Schimmer

    See, he understand the economy.
    McSame wants votes by promising anything and stooping to any low.
    It's about America McSenile!! It's not about you!

    Obama will get us back on the right track.

    August 1, 2008 11:29 am at 11:29 am |
  15. A Nightingale Sings in Berkley Square

    Hi Kids!
    Today's RNC word of the day is "Socialism". I know it's a big word, but you don't have to know how to say it, just spell it. I know you are all anxious to run out a type this new word into as many blogs as you can, just make sure you use The Google on the internets to make sure you understand its meaning.

    Have a great day, and Hail Bush!

    August 1, 2008 11:29 am at 11:29 am |
  16. Tony

    Sounds good, but put up or shut up. Typical rhetoric from candidates.

    August 1, 2008 11:29 am at 11:29 am |
  17. JV

    You are leaving out the other two aspects of his proposal, using the money to offset state budget shortfalls and using it to replenish the Highway Trust fund to repair failing bridges and infrastructure.

    August 1, 2008 11:29 am at 11:29 am |
  18. Eric

    BHO's plan is to turn us into a socialist democracy. No wonder why Europe loves him? I'm here in Germany (USAF), you know they have a 50% tax rate here? They work half the year to pay the government and the other half is for them. Maybe that's his goal. Vote BHO for higher taxes and more social programs...European style!!!

    August 1, 2008 11:30 am at 11:30 am |
  19. LGriff

    No, it's not your imagination. I thought the same thime. Gas prices did go down and the media is keeping hush hush about it as if Bush had something to do with trying to lift the ban on offshore drilling. Give me a break.....

    August 1, 2008 11:30 am at 11:30 am |
  20. Gerald F.

    Doesn't this idea sound familiar? Seems I heard an ALMOST identical idea from a previous Democrat who was running up till June this year.....

    August 1, 2008 11:30 am at 11:30 am |
  21. Pat

    I would like to hear more specifics on this rebate and the pros and cons.

    August 1, 2008 11:30 am at 11:30 am |
  22. CNN=Obama

    I know people are generally smart enough to see through this when they sit and actually work it through. So, are there that many idiots and kooks on these blogs or does CNN just put up any comment that favors Obama or attacks McCain? This is one of his most ambitious socialist policies yet. What ever happened to working for a living? If you want to rely on the government to take care of you, be prepared to suffer.

    August 1, 2008 11:30 am at 11:30 am |
  23. Jacob Liebman

    People who support Obama are either stupid fools or so far to the left that it's pityful.. This man thinks he's the Messiah..

    August 1, 2008 11:31 am at 11:31 am |
  24. Linda

    So where does it say that public corporations have to pay dividends to their customers? Do that and any sane business will leave this country and we will get to third world status much quicker.

    I've been on the fence between these 2 candidates, but, I think this one just pushed me to the other dark side.

    Obama just says what he thinks people want to hear. Since there's so many opinions out there, it seems like a crap shot as to what he'll do.

    August 1, 2008 11:31 am at 11:31 am |
  25. RealityKing

    Energy rebate!? Didn't Obama ridicule the republicans for this idea!!??

    Mark down another refinement of his policies..

    August 1, 2008 11:31 am at 11:31 am |
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