Obama backs oil profits tax, attacks McCain

John Whitesides
Reuters
Monday, June 9, 2008

Democratic presidential candidate Barack Obama sought to tap into Americans' anxiety over high gasoline prices on Monday by pledging to seek a windfall profits tax on U.S. oil companies if elected.

Launching a two-week focus on the ailing U.S. economy, Obama drew a sharp contrast with Republican John McCain, his rival in the November election, accusing him of a "full-throated endorsement" of President George W. Bush's fiscal policies, including tax breaks for oil companies.

"I'll make oil companies like Exxon pay a tax on their windfall profits, and we'll use the money to help families pay for their skyrocketing energy costs and other bills," the Illinois senator said.

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With Americans struggling to pay for record high $4-a-gallon gasoline, the jobless rate up and consumer confidence battered, Obama is attempting to focus the general election campaign on the U.S. economy.

A Gallup poll gave Obama a mild bump in support following rival Hillary Clinton's departure from the Democratic race. It said he leads McCain 48 percent to 42 percent among registered voters.

Obama renewed his call for a $50 billion stimulus package as a way to try to spur consumer spending and jolt new life into the economy, and a $10 billion fund for homeowners caught up in the housing crisis.

McCain, at a fundraising luncheon in Richmond, Virginia, said "Americans are hurting."

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