Back in June of this year, Barack Obama promised to punish oil companies by taxing their windfall profit in order to “help” families pay their energy bills. He said at the time:

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…

And now?

President-elect Barack Obama has shelved a proposal to slap the oil and gas companies with a new windfall profits tax because oil prices have dropped so much in recent months, the transition team confirmed today.

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

Obama’s proposal had called for using the proceeds from the tax to give American consumers an energy rebate worth up to $500 per individual or $1,000 per married couple.

Such a shame that Obama’s plans keep getting foiled by, ya know, reality. Next we’re going to find out that the oceans didn’t stop rising when Barack Obama won the Democratic nomination. Sheesh.