Newsom, accusing oil industry of price gouging, unveils plan to cap refinery profits

Gov. Gavin Newsom on Monday unveiled an outline of his plan to place a cap on oil refinery profits in California, a proposal he’s asking lawmakers to approve in hopes of reducing future spikes on gasoline prices.

“After so many months of talking about this, we would have thought the governor would have had more details on this windfall profits tax,” said Kevin Slagle, a spokesperson for the WSPA. “To open it up and see no details on thresholds or what this penalty is and looks like and no details on the transparency side of things, it makes us wonder if this is a real public policy discussion or more of the politics we’ve seen from this governor.

The governor’s proposal also calls for new regulatory review and oversight, giving the Energy Commission expanded authority to investigate supply and price issues. Though the two sessions run concurrently, any legislation passed within the parameters of the special session can take effect 90 days after adjournment. Bills approved in regular session generally do not become law until the start of next calendar year. In the special session, legislative leaders also have an opportunity to craft unique rosters of lawmakers for committees that could make it easier to approve controversial new bills.

GustavoArellano Does anybody in the oil industry power circles live near a active refinery or well? What would their opinion be?

Can we put a cap & tax on Newsom's excesses?

Place a cap on rents and mortgages.

Shells profits were up 1100% this year.

You know what happens when “big business “gets fined/fines ? It simply passes the cost to....yyyou guessed it,us!

when people are being charged 'too much' by companies in the private sector, it's the private sector being 'greedy' yet when those same people are being taxed 'too much' by government, it's.......the private sector (& private citizens) being 'greedy'.

Is that penalty wearing a mask or not going to work.

Big oil 🛢 never loses.

I told my daughter who has 9 kids to move to California, they have African bloodline so with Gavins reparations she'll be rich.

Do the math my fellow citizens. Let’s pretend that your car only requires 10 gallons of gas each time you visit the pump…

Does GavinNewsom support windfall subsidies when Big Oil cuts prices or loses money?

I don't believe in conspiracy theories.

How much of their penalty goes into Newsom and his donors pockets?

😂😂😂😂🤡🤡🤡🤡🤡🤡🤡

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California Gov. Newsom pushing for oil company penalties in special sessionCalifornia Gov. Gavin Newsom is convening a special legislative session Monday urging lawmakers to pass a 'price gouging' penalty on oil company profits. This rich ass wants to be president! Gotta balance the budget somehow. how to destroy a state in 4 short years, strap yourself in for the next 4
مصدر: FoxBusiness - 🏆 458. / 53 اقرأ أكثر »

Newsom proposes measure to crack down on price gouging by oil companiesGov. Gavin Newsom is proposing a crackdown on price gouging by oil companies, by imposing penalties on excessive profits that would be refunded to Californians. Nationalize the gas companies. What's 'excess profits'? Is there a graph somewhere that breaks it down? I can see that being just as successful as fixing the homeless problem
مصدر: ABC7 - 🏆 67. / 68 اقرأ أكثر »

Newsom proposes measure to crack down on price gouging by oil companiesGov. Gavin Newsom is proposing a crackdown on price gouging by oil companies, by imposing penalties on excessive profits that would be refunded to Californians. Of course they’ve picked the most complicated solution. Just lower the price at the pump. We pay almost $2 in taxes What a recall and wanting to run for the white house can do Newsom proposes price gouging on oil companies to stop price gouging by oil companies… yeah that will work
مصدر: abc7newsbayarea - 🏆 529. / 51 اقرأ أكثر »