Newsom calls for special legislative session to tax oil companies’ gas profit ‘greed’

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Newsom to call back legislature to tax oil companies’ gas profit ‘greed’ amid sky-high fuel prices

, which have reported some mechanical hiccups and scheduled maintenance. The limited supply and strong fuel demand caused gas prices to surge on the commodity market.at the dramatic price increase, which at one point surged 96 cents in two weeks as gas prices around the country plummeted. The commission said the price hike is not fully explained by the maintenance and refinery outages and last week called on major oil companies to voluntarily provide an explanation.to the CEC.

“I’m sick of them defining the terms, defining the narrative,” he said. “We’ve been too timid. All these studies and reports all these investigations, they amount to nothing.”“If this was anything other than a political stunt, the Governor wouldn’t wait two months and would call the special session now, before the election,” Kevin Slagle, a vice president for the Western States Petroleum Association said in a statement.

Much of California’s high gasoline costs are explainable. The state’s 54-cent gasoline excise tax is among the highest in the country. There are also strict environmental regulations and special fuel blends that have drastically improved air quality in cities. These higher fees typically widen the price gap between the Golden State and the country by about 60 cents to 70 cents, according to varying estimates.

California Republicans on Friday also railed against Newsom’s proposal, saying the best way to save drivers money is to pause the state’s gas tax. Democrats, who hold a supermajority in Sacramento, have refused to eliminate the tax saying such a move would upend an important source of transportation funding.

 

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