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To: Rocket Red who wrote (119674)	6/22/2008 9:58:17 PM
From: Rocket Red	Read Replies (2) of 312690

Obama Details Plan To Tax Excess Oil Company Profits -AP 16:56 EDT Sunday, June 22, 2008 DOW JONES NEWSWIRES Democrat Barack Obama on Sunday detailed plans for a new tax on oil companies, a so-called windfall penalty on sales of crude at or above $80 a barrel, The Associated Press reported. Obama's proposal also calls for closing what has become known as the "Enron loophole," a 2000 measure that allowed unfettered oil trading on electronic markets. Obama targeted the oil companies and traders after rejecting calls by both McCain and President George W. Bush to lift a ban on offshore oil drilling that has been in place for more than a quarter century. The Obama campaign said he supports a tax on oil sales above $80 a barrel and would use the revenue to reduce the "burden of rising prices" by increasing federal money available to make homes more energy efficient and to help low and moderate-income families with their utility bills. Dow Jones Newswires; 201-938-4370 (END) Dow Jones Newswires 06-22-08 1649ET Copyright (c) 2008 Dow Jones & Company, Inc. © Copyright Dow Jones

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