This follows Valero's $2.82 billion in profits that were 500% higher than the year before, PBF Energy's $1.06 billion that was 1700% higher than the year before, Shell's $9.45 billion haul that sent $4 billion to shareholders for stock buybacks, Exxon's highest-ever $19.7 billion in profits, and Chevron's $11.2 billion in profits, according to Newsom.
"Big oil is making record profits by ripping off Californians. They said high prices were because of war, state taxes and maintenance, but now we know that was all a facade - these high prices went straight to their bottom line," said Newsom in a statement released Wednesday."A price gouging penalty will put these windfall profits back in the pockets of Californians."
Newsom has taken action to lower prices at the pump, ordering the switch to winter-blend gasoline and demanding accountability from oil companies and refiners that do business in California. Since California's record-high gas prices of $6.42, the Governor's actions have reduced those prices to $5.54 most recently - a decrease of 88 cents, his office said. Thanks for reading CBS NEWS.Please enter valid email address to continue
Bozo 🤡
Ironic, considering CA has the highest gas taxes in the nation.
And people fell for it.
Just before elections? Wake up people
Great! Now drop the EXTRA GAS TAX you passed to fix the cracked-up jacked-up roads that you still haven't fixed (Just added a bike lane to, in the most unsafe places possible, and took an extra lane to cause worse traffic) and we automatically go down almost $2! Like magic!
I'm a Native Californian. Gov. Nuisance brags about the 90+ Billion $ surplus and has the balls to say '... and it's all taxes ha-ha'ha'. He wants to be President. He really has no idea how much the fest of the country hates California and his policies.
What is an acceptable level of profit?
Mr Newsom is a very good governor 👍🏾
Newsom is a double talking conniver
This guy suckkks so bad
Look up the average National price of gas then look up the average price of gas in CA. If it’s CA they are price gouging and not other states then Newsom has still failed Californians.
Look up the average National price of gas then look up the average price of gas in CA. If it’s CA they are price gouging and not other states then Newsom has still failed Californians.
Thank you
The left loves to indulge in the big lie. Oil companies are not price gouging. Why would they? They need to make their product available to a mass market. It's the left's war on oil that has caused these prices. And it's revolting because it doesn't have to be this way.
Its Bidens fault.
We need a price gouging penalty on the Franchise Tax Board.
He keeps doing some weird hand gesture in his commercials
Ok you worthless fairy demon!
He’s another one that needs to go entirely useless.
i’m pretty sure he has big oil scared. LOL!
Fvcking do it already !!
Newsom deserves a parade and a day of observance!!! 😭
Damn California, we have the dirtiest, most out of touch politicians this country has ever seen. We never have any surprises, they control the heck out of the elections.
Oh now this Governor is taking action he should have done it at the early stages when gas prices were at almost $ 7.00 per gallon saving the misery of all working low income Californians
Talk is a lot cheaper than gas right now. That’s all that’s been done so far.
Is he insane? Politicians like him are bought and sold to allow gouging like this to happen in the first place!
How about reducing his tax on gas?
Refuses to suspend gas tax, and a complicit, lying news media are afraid to even ask him about it or the Cultural Marxist’s who run their news divisions will fire them. CAgovernor GavinNewsom
Really how is he going to acomplish that. Does not he understand supply and demand dictate the price. He is going to make the oil companies leave California just like Tesla, HP and many others.
That’ll show em! You’ll make a great president. Btw, how’s Aunt Nancy?
Proposes, These people do anything ever?
That will do one of two things higher prices and /or limited production or fuel shortage.
Lmaooo so gas will be even higher 🤣
And well feel that at the pump too.
As a shareholder to 4 major oil companies, I would like to thank Newsom for his war and constant bashing of this dirty oil product
I'm sure he had his hands in the cookie jar Governor Dumsom came from the Getty Family of you don't know Yhe Getty Family made its money in Oil an still does Dumsom should be in jail for Insider Trading Remember in November Vote BrianDahleCA an Lets Make California Golden Again
😂😂such a 🤡
How about lowering the gas tax first?