From Reuters

President-elect Barack Obama is not planning to implement a windfall profit tax on oil companies because prices have dropped below $80 a barrel, an aide said on Tuesday.

“President-elect Obama announced the policy during the campaign because oil prices were above $80 per barrel,” an aide on Obama’s transition team said. “They are currently below that now and expected to stay below that.”

More on Windfall Taxes from CDOB’s

Bail Out Big Oil So We Can Tax it More

Bad News! Gasoline Prices are Dropping

Stocks Slumping? How about a New Tax Courtesy Candidate Obama?

Perhaps Candidate Obama could have thought of some of these things before the election.