Gov. Gavin Newsom will call a special session of the state legislatures, hoping to pass a so-called price gouging penalty on oil companies.According to Consumer Watchdog, the five largest oil refineries quadrupled their profits through the first nine months of this year. In 2021, the companies reported $17 billion in profits compared to $67 billion in 2022.
Gov. Gavin Newsom hopes to pass a so-called price gouging fee after oil companies quadrupled their profits through the first nine months of 2022."This is basically saying 'We're going to cap these profits and we're going to return them," said the organization's President Jamie Court."It's only on the refining because that's where we're getting bludgeoned.
"Any fee imposed by the government is essentially a tax," said WSPA Vice President Kevin Slagle."We can call it whatever we want."
CorporateGluttons CorporateContempt
And lost their asses the previous 2 years...
And prices are still high, go figure
What about tax gouging?
Like that is going to hurt them
GavinNewsom You're gouging US. March 9th you promised gas relief checks. Here we are in December & you've now sent out gc to folks who will be charged ridiculous fees for using the money you promised. Did you learn nothing with EDD fraud? You are a JOKE
How many refineries are there in California? When was the last approval for a new refinery to be built in California?
Good for them 😃
No way!!!! Tell me it isn't so!
When companies act in tandem and competition doesn’t work to lower prices—the system is broken. They become a monopoly. We should make gas a public utility, not for profit.
SpikeFeresten And we continue to massively subsidize. horseshit
Newsom is an idiot.