Furious about oil companies' supersized profits after a summer of record-high gas prices, California Gov. Gavin Newsom on Monday will formally start his campaign to punish big producers by asking the Legislature to fine them and give the money back to drivers.to crack down on price gouging by oil companies, and impose penalties on excessive profits that would be refunded to Californians.
Newsom's proposal would allow the state to determine an allowable profit margin by oil companies operating in California. Those that exceed the margins would face an equivalent penalty and those fines would be returned to residents of the state. The proposal, which needs legislative approval, comes not long after gas prices hit record levels in California and throughout the country.the state saw a record price of $6.438 per gallon of regular unleaded in June of this year, though prices have since leveled to $4.77 a gallon currently. Los Angeles is currently seeing an average of $4.85 per regular unleaded gallon, according to the Auto Club.
"California's price gouging penalty is simple - either Big Oil reins in the profits and prices, or they'll pay a penalty," "Big Oil has been lying and gouging Californians to line their own pockets long enough. I look forward to the work ahead with our partners in the Legislature to get this done."Related Topics
How bout a crackdown on fraudulent gas taxes? We have the highest fuel taxes in America and the WORST roads. Where does that money go..as if we didn't know.
Are your 'highest gas taxes in the USA' included in that? Try cutting back on the amount you charge!
It’s funny because a few years ago I think a bill was passed to increase the gas tax so roads can be repaired, but I have yet to see roads repaired and the gas tax is sky high..🧐🧐
He needs to quit destroying ozone with the aquanet usage
It's these gas taxes and station owners setting their own prices to extort people
Yeah sure he is 🙄
So he’s going to take away the Highest Gas Tax in the Country, That’ll never happen!
Gavin should Pay all those he’s Responsible for Ripping off! We’d all be rich and have Pimp Hairdo’s
Use the same gas formula like the rest of the country.
They should leave California
Biden’s America
How about allowing the same refined gasoline used in the other 49 States.
This is ridiculous. Oil companies are not gouging and he knows it. Since his vendetta on oil companies there are over 2000 people out of work. Talk about that.
I'm still waiting for the gas rebate...
Took him two years to give a shit.
Newman is on crack now
The one thing i would agree with regarding him
At the discount stations in the East Bay., prices dropped from $6.49/gal before the election to $4/gal today. That is a 40% change when WTI crude only varied by 10%
Make gas more expensive. Take more money from people's pockets. 'Give' that money back to the people that earned it in the first place. BRILLIANT! Maybe we could produce more domestic energy and lower prices? Of course, solving the problem would bypass government, so no.
Taxes are the reason why gas in California is so much higher. That’s no one else’s fault.
How about letting them drill and produce more which will also drop gas prices. We have no economy without oil industry it will take another 75 years to even be at 10% electric.
Gas is $2.50-$3 in most states right now. It's Newsom and California taxes that are gouging customers for double the price per gallon
Because the taxes & fees California nails the oil companies with has zero to do with the price of our gas 🤣. Dude can’t take responsibility for anything.
Another bs price gouging tactic that will go nowhere. How about lowering taxes on gas?
PublicityStunt DiversionTactic Projection
All talk. It's CA taxes and the lop sided political environment
How about a crackdown on tax gouging, Gov Hair Gel.
Lower the gas taxes and toll fees Newsom
EXCESSIVE TAXES
This gas station in downtown LA is infamous for having gasoline prices $1.50 or $2.00 above the prevailing market price. It is located at the corner of Alameda and Cesar Chavez by Olvera Street and Union Station.
Glad to see our future President putting in work.
Ya that shouldn’t make the prices go higher, telling companies that you’ll take more of their profits as what is deemed subjectively “excessive”.
But he’s been sitting on a budget surplus for a long time and according to the law that money should’ve been returned to the taxpayers of California a long time ago. Newsom can go suck a lemon or Nancy’s butt.
How about he first focuses in on crime as our state and major CA cities are infested
Newsom the son of the lawyer for the billionaire Getty Oil Cartel & Young Global Leader for the world bank funded WEF that tell you “you will own nothing, you will rent everything” by 2030
Start with a gas tax reduction..cough..extortion
Can we do the same for Google and Facebook?
California pays $.53 per gal of gas for federal taxes and $.83 state. We have some of the worst roads in the country. HUMMM wonder where all the money is going. It can’t be the roads Or the homeless. Or mental health assistance. Or any other big ticket item
Good
LFG! Tired of paying more for EVERYTHING! Still grateful to Gov Newsom for his leadership and things like this!
If we want to look at price gouging, can we first look at sales tax? At $5 a gallon, that’s $4.54/gallon in LA County and the rest is sales tax. I think 9.25% tax on money we’ve already been taxed on just to earn is a bit excessive, don’t you think GavinNewsom MayorOfLA
Big nothing burger. High cost and amount of regulatory, unionization, expensive cost of living, and high state/county/city taxes make it a pain at the pump. And LA closing oil drilling, it’s Democrat policies increasing the demand while lower the supply.
But he'll keep tax gouging us. hypocrite
Can Gavin even define price gouging?
All that this is going to do is have more refineries leave the state
DemocRATS are disgusting
Cherry picking who to go after is wrong, but our Great and powerful won't do that.
Should do this everywhere!
So why is gas from the same oil company cheaper in other states.
The government is the source of the higher prices. Californians don’t pay the most because of mean greedy oil companies. Only sub-80 IQs could possibly believe that.
That ladies and gentlemen is the beginning of communism; Will lose in court. California has 1000 yrs of oil. Let them drill and prices will go down! SIMPLE ECONOMICS! They chased away Tesla! Focus on the electrical grid and CONSTITUTION GAV-GAV!
Gavin newsom and the democrats are the price gougers. Open your damn eyes people!
What other businesses do you want to dictate the amount of profit in?
This is like the fireman starting a fire and then coming to the rescue to put it out. 🤣😂 Democrat policies have led to out of control oil prices. It’s simple supply and demand leveling a tax will just increase prices more or lead to shortages similar to Venezuela
What about price gouging by the state because all the taxes and fees added on top ?
Imagine a world where you didn’t have to pay for gas because your taxes went toward GOOD, widespread public transportation. Imagine you had alternate means of private transportation besides a vehicle that uses gasoline, like a fully capable bicycle.
Maybe if California didn't have all the insane regulations & the 2nd highest gas taxes in the country, then prices would be cheaper. Don't be fooled by the inept Newsome.
So we’re going full socialism yeah?
Newsom ain't gonna do shit. It's all a bluff, a show to make people think he actually gives a shit.
He's going to find the real killer.
January 2nd 2021 I paid $2.69 a gallon in California for gas. So tell us what happened. Why are they lying ?
Yea cuz it has nothing to do with the insane amount of taxes we pay on our fuel here in ca. deflecting as always
You mean you’ll return it to those you think are owed reparations right? What a joke this state and governor are.
all he is doing is penalizing us all ever day he wakes up
I paid $4.15 today in Orange County
EV car companies raising prices to the exact amount of the new subsidies you alright tho!!! 🤡
Start with this one. Down the street you can get $4.29
It’s the CA taxes. Be honest for once.
Progressives policy = backwards policy
How’s about we permanently freeze the gas tax instead? The gas tax is what’s choking us Californians far more than any corporate profits.
Jerk
Wait…GavinNewsom wants to say how much a company can make in profits? Will you next want to tell us citizens how much we’re allowed to make in salary or investments? Get the hell out of here And he & democrats call the other side fascists 🤦♂️
The quickest savings for consumers is to cut the gas taxes, which is almost $0.55 pre gallon! And he can do it himself!!! cc: GavinNewsom
California and their gas tax
Of course our Great And Powerful OZ ignores the tax gouging at the pump. Will he pick and choose who to go after? Oil changes hands multiple times before getting to the pump. Each time there is potential gouging.
Oil companies may retaliate by cutting production to inflate the price.
Would love to see that happen. 🤞🏽
You do realize that Newsom just increased the prices to us consumers, right? How about lowering the gasoline tax from the highest in the nation instead?
Refund our gas tax. Roads still suck all these years later.
What about him gouging residents of California?
Fuck that remove the damn gas tax he can do that immediately
I can see that being just as successful as fixing the homeless problem
Big oil doesn’t need California to make profits They could stop servicing California all together
What's 'excess profits'? Is there a graph somewhere that breaks it down?
Nationalize the gas companies.