Oil company profits are under threat if Barack Obama makes it to office, reports Bloomberg. An aide to Obama described the oil companies profits as “remarkable.”

The plan would target profit from the biggest oil companies by taxing each barrel of oil costing more than $80, according to a fact sheet on the proposal. The tax would help pay for a $1,000 tax cut for working families, an expansion of the earned- income tax credit and assistance for people who can’t afford their energy bills.

The real question for Obama, should he end up in office, is: Where is America going to get its oil from?

“OPEC simply won’t raise output, the non-OPEC producers simply can’t,” says Profit Watch editor Manraaj Singh,

“Right now, the non-OPEC countries produce about 60% of global oil supply – about 50 million barrels a day. But they’re stuck there. In fact production is falling quickly in some of the biggest of them.

“Norway’s output has fallen by 25% from its peak in 2001. British output has slumped by 43% in eight years. In America, the giant Prudhoe Bay field in Alaska has seen output drop by 65% from its peak two decades ago…

“And in Mexico, production at the giant Cantarell oil field is collapsing and they haven’t found any new fields to replace it. But Mexico’s economy is growing rapidly. So, domestic consumption is shooting up while production is falling. Mexico’s exports could be wiped-out within five years. That means more sleepless nights for America’s leaders because Mexico is the second-biggest oil exporter to the US.

“Then there’s Russia… the biggest contributor to the growth in global energy supplies over the last decade. Output shot up from about 6 million barrels in 1996 to about 10 million barrels per day today. But the Russians say that they’ve hit peak production… so it’s all down hill from here.”