Oil prices had a robust summer but had begun declining before OPEC+ announced plans this week to reduce output, which sent oil futures to their biggest weekly gain since March. West Texas Intermediate, the U.S. benchmark, jumped 4.7% to settle at $92.64 per barrel Friday. Brent crude, the international standard, rose 3.7% to settle at $97.92. Both are down from June, when futures contracts traded above $122 a barrel.
The special legislative session on the oil tax will begin Dec. 5, when lawmakers are already scheduled to reconvene in Sacramento after the November midterm election. “The gas rebates that are beginning to roll out today to Californians were a huge step in helping ease the brunt of rising fuel costs, and we will continue to examine all other options to help consumers,” they said in a statement. “A solution that takes excessive profits out of the hands of oil corporations and puts money back into the hands of consumers deserves strong consideration by the Legislature.
“It was just over a month ago that the governor and the Legislature got together and imposed a series of mandates and regulations that will cost Californians a record $54 billion. These are the types of actions that can drive consumer costs way up,” Slagle said. “A better use of the special session would be to take a hard look at decades of California energy policy and what they mean to consumers and our economy.
fairyflowercrow Good!! Let’s stop letting them rip us off!
Gavin can’t fix it so let’s vote for Brian Dahle for California Governor. FOOD AND GAS PRICES ARE TO HIGH we need change. Vote para Dahle gente. Si se puede!!
Increased taxes don't lower prices
We all want this... Give us back the booming economy we had before the Democrats destroyed it...
Secure our borders! stop the drugs & criminals from coming in, more people have died from drug overdoses than covid, Stop the women and children human trafficking, get your priorities straight, HELP US and quit playing sides!
Next, Newsom should consider taxing excess movie company profits. Then, we’ll see more movies made. After that, excess media company profits. Then, we’ll see more media content created. This is just a desperate attempt to divert your attention come Election Day.
What exactly are “excess profits”? Other than what someone subjectively decides.
will the tax be repealed when gas prices go down, or is this going to be more permanent taxes to address a temporary problem?
A democrat, a sociopath, and a communist walk into a restaurant. Table for one please.
ZaleskiLuke Oil prices are killing Californians.
why don't you try to let the oil companies use the excess profit to build out zero emission vehicle supporting infrastructure. They should be happy to build hydrogen fueling station since they can keep the current business model with 5 min charging time of FCEV.
You want to gouge Californians at the pump then pay for it with taxes on your profits! And use the $ to build more public transportation and more solar charging stations for electric cars!
ZaleskiLuke Someone has to point out what’s going on here. Good for him!
Love to see it😊
Sure way to make prices go even higher.
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