While a great many Americans have been focusing on the possibility of another stimulus check, the $1000 Emergency Energy Rebate has been flying a bit under the radar. In case you’re not aware, President-Elect Obama has floated the idea of enacting a windfall profits tax on “excessive oil company profits” in order to fund an immediate $1,000 emergency energy rebate for American families.
While it remains to be seen whether or not such an idea would gain traction given the recent (and dramatic) drop in energy prices, it’s still listed on Obama’s website. It was also listed as one of the energy-related agenda items on Change.gov as recently as last Friday, though all of the agenda items (not just energy-related) have since been removed.
What do you think of this idea?
I have to admit that it’s not entirely clear to me how this is an energy issue. Sure, it would be done in the name of high energy costs, but it really wouldn’t be any different than a second stimulus check. And besides, wouldn’t you expect the oil companies to simply pass the added cost of the windfall tax on to the consumers?