Newsom proposes 'Windfall' tax on oil companies to bring gas prices back down

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Californians are once again feeling pain at the pump. Gas prices are on the rise, even though crude oil prices have fallen to $85 a barrel. To bring the cost down for drivers, Governor Gavin Newsom announced a change Friday to immediately increase the state's gas supply.

Californians are once again feeling pain at the pump. Gas prices are on the rise, even though crude oil prices have fallen to $85 a barrel.

Californians are paying an average of $6.36 a gallon, according to AAA, the highest price in country. In Santa Clara County, it's nine cents higher, $6.45 a gallon, leading some drivers to seek out the lowest price they can find. "It's pretty infuriating knowing that oil prices are down, and our prices are still going up," Prior said. "It's pretty ridiculous, especially looking at the rest of the country.""I definitely feel it," said Tory Hoskins, a Hayward resident. He commutes 60 miles round trip to Palo Alto five to seven days a week.

Newsom is also taking on big oil, and proposing a windfall profits tax on oil companies because lately the cost of crude oil has been falling, but prices at the pump have risen 11% in the last week.

 

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Poor California. They have a Governor who doesn’t understand supply and demand, and thinks he can just tax gas to lower prices. No wonder California has the highest gas prices already. Hint: increased supply reduces demand, which reduces prices. GavinNewsom

Since he took the money voted for by the taxpayers to fix roads - and instead of taxpayers money funding abortions for all - do something for California-fix the roads and overpasses. Won’t win against the oil guys

How about reducing the windfall on taxes?

He is not the best and has to leave

Back down to what price?

Yeah, that'll do it 🙄

They will just not produce it here duh. Free market

GavinNewsom you dream up these theories all by your lonesome or being coached by the woke?

Why not take some of the restrictions away that make drilling so much harder. Tax and spend is all democrats know how to do. This is just punishing companies who will take it out on consumers.

Why doesn’t Newsome reduce taxes across the board and quit with the excessive fee’s?

Typical of GavinNewsom. This will exacerbate crisis; it's what ProgDems thrive on. It's the opposite of what would mitigate the economic impact of Dem-/taxation-instigated price increases. How can any CA voter re-elect this governance?!?! RememberInNovember

Corps dont pay taxes. 🤦🏻‍♂️🤦🏻‍♂️

Coal, oil and natural gas companies received $5.9 billion in subsidies in 2020. That’s roughly $11 million every minute. Please tell me why the continued subsidizing of the fossil fuel industries shouldn’t stop now. ☝🏿🧐🇺🇸

Yes! YES! YES! ☝🏿🧐🇺🇸

Good cuz my broke a double s, cant take it more. 😤

Make it happen Governor GavinNewsom

I love it.

Sure, all he has to do is prove it’s a windfall for them. Lawyers gonna make a ton of money proving the gas companies really aren’t making that much profit. But it’s a great sound byte for a guy not running for president.

Suspend the gas tax...the state has no problem making California's gasoline prices the most expensive in the country. And where exactly is that tax revenue supposed to go? To fix potholes and roads, which by the looks of it isn't happening! Newsom is stealing from taxpayers!

After the French Laundry soirée I don’t believe anything Newsom says.

Who's lining his pockets this time through? Some secret agenda will be squeezing OUR pockets one way or another

He “proposes” a lot of things but doesn’t do anything for Us .

I have a feeling that won't lower gas prices at all and will probably raise them even more.

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