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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