US president-elect Barack Obama has dropped original plans of a windfall tax on large oil corporations. The quiet decision follows plumeting oil prices in recent months. According to Reuters, Obama announced the policy when oil was above $80 per barrel. The proposed windfall tax was intended to be used to help low-income families cope with their energy bills. On the campaign trail in May, Obama said: 'It isn't right that oil companies are making record profits at a time when ordinary Americans are going into debt trying to pay rising energy costs. That's why we'll put a windfall profits tax on oil companies and use it to help Indiana families pay their heating and cooling bills and reduce energy costs.' The oil industry however has resisted calls for a windfall tax. Small business lobbying group, the American Small Business League, has blamed the oil and gas industries for pressuring the Obama camp into removing the proposal from the list of policies on their website, WebCPA reported. The League said: 'The oil and gas industry needs to be regulated. Skyrocketing gas prices contributed to the downfall of the big three auto makers, and I don't think we should allow the big oil producers to have that power over our economy.'