California might levy a new tax on oil companies. Here’s what to know

Different countries have taken different approaches. Hungary, for example, is taxing a wide range of sectors, from petroleum producers to renewable energy companies to pharmaceutical companies, while the U.K. is taxing oil and gas companies within the country. Italy has seen, seemingly caused by Italian energy companies not complying with the tax.

Here in California, Borenstein, the energy economist at Berkeley, hopes the Legislature will use the special session to discuss what he sees as the Golden State’s “fundamental problem” when it comes to gas: figuring out how to maintain adequate supplies while the state is using its cleaner blend and is trying to phase out fossil fuel usage.

The logic behind windfall profit taxes is to tax a company at a higher rate when they’re making giant profits — a “windfall” — for some reason not of their own making.

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Gov. Newsom wants to tax gas company profits to help state's residentsGovernor Gavin Newsom is scheduled to convene a special session to consider a windfall profit tax on oil companies Tax tax tax tax tax tax tax. More government more government more government and more government. How long till they tax air? It’s coming. Democrats love big government and taxes. Maybe just maybe the gov GavinNewsom should suspend the gas tax? That in no way lowers gas prices. How do people support this clown.
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