California eyes penalties for oil companies' big profits

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California could become the first state to fine big oil companies for making too much money, a reaction to the industry’s supersized profits following a summer of record-high gas prices in the nation’s most populous state.

“We’re burning up. We’re choking up. We’re heating up because of these folks,” Newsom said, referring to the oil industry and its impact on the environment. “And people are barely able to pay their bills because of these folks.”

Crucially, the proposal classifies the fine as a “civil penalty” and not a tax. That means only a simple majority would be needed for passage, instead of the two-thirds majority that is required to raise taxes. But legislative leaders don’t appear in any hurry to pass the bill. Lawmakers convened in a special session for mere minutes Monday, long enough to adopt rules and appoint leaders. They won’t reconvene again until January.Many lawmakers said they had no idea what Newsom was proposing. A few senators joined reporters at Newsom’s news conference outside Senate chambers just to hear what he had to say.

Adding to the uncertainty is an unusually high number of newly elected lawmakers about to take seats for the first time. Roughly a quarter of the Legislature’s 120 members are new, with two close races still unresolved.Among the new state senators is Angelique Ashby, a Democrat who narrowly won election after an intense campaign. The oil industry spent hundreds of thousands of dollars on radio and TV ads supporting Ashby’s campaign, a trend noticed by critics who tried to use it against her.

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They should line up all their gas stations in Nevada along the California border

How about tech and insurance companies

Frauds. Frauds. Liars. Scam artists. Ignoring students? Allowing people in uniforms w guns to harass me? Frauds.

Just think about what’s going on here , eventually socialist parasites like Newsome will be using this very thing against the middle class . Government deciding who makes too much money is not a good thing .

How about fining newsom for EXCESSIVE TAXES

Will never happen officially …

FAKE NEWS

Isso parece tão Bolivarianismo... Tão Chaves , tão Venezuela, tão Argentino, tão Fascista.....

How anyone with a functional brain that isn't addicted to crack still chooses to live in such a dystopian nightmare of a state boggles my mind.

And our prices are still too high!!

California is a bankrupt state, so why not burn and pillage? Commies

this wont go well for cali lol

That's a good idea I don't own any anyway

California= communists

I am a refugee from commiefornia. So glad I'm in Texas. Now we need to pass a law to keep leftist there.

So, oil companies need to pull out of California. Just leave. Let them electrify their socialist little world and do it “their” way.

Communism at its finest

The World needs more of this. There's no reason why anyone or company needs massive profits. You're either ripping someone off or making more people poor, or both.

UNTOUCHABLE BIG OIL This threat is simply for optics and nothing will come of it as usual. UntouchableBigOil

They should scale back production

California is experiencing economic distress so they think they can just take money from big oil companies.

Which will simply decrease supply and increase cost. Brilliant. Although, some might say that is goal.

California is in a downward spiral and nobody is in control.

Next year, Breaking News! California mad that big oil refuses to deliver them oil

When can we fine states for excessive taxes?

There should be a fine for Governors that overtax and act like they can use Executive power without an emergency.

Ok… California can’t be that stupid. Fine oil companies? Oil companies reaction… “We will no longer sell gasoline or diesel products in the state of California…” 🤣 Go for it, can’t wait to see how this plays out 🤣

What could possibly be an entirely predictable, yet totally unintended side effect? Hmmm.

They should just stop selling in California.

Maybe the state should start pumping oil. If the companies aren't gonna do it, someone's got to.

It’s really hard to identify as “Liberal” when California is there fucking it up for the rest of us.

Now do Amazon

Stupid, but it’s California so it’s synonymous

I hope they pull out and no longer sell to California. Newsom is cancer.

CA should fine itself for profiting off its own citizens.

Wait until they hear about Apple!

seriously how come you have Gavin?

Governor Newsom will penalize the oil companies and they’ll pass that fine down to the consumers in the form of even higher gasoline prices.

🤡🌎

Yet the big Tech companies, whose profits are MUCH higher than the oil companies, receive no attention.

Maybe he's trying to come up with money to fund his reparations scheme.

Good. Raise my gas prices while they make record profits. They need more regulation, they prove it time and again.

Lol at all the oil simps in the comments

I don't see how that's legal lol

Authoritarian newsom trying to make himself look good for his presidential run. Don’t fall it America he’ll sell us out of all of our rights…

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