California lawmakers are once again poised to introduce legislation to tax Big Oil despite public backlash over a similar move earlier this year.
. “I’m calling a special session of the Legislature to do just that, and to increase transparency on pricing and protect Californians from outrageous price spikes in the future.”
A recent state hearing revealed oil company profits of $63 billion between July and September, “disproportionately affecting low- and middle-income families,” Newsom said. California uses a pricey special blend of gasoline during summer months to combat pollution. Los Angeles County District Attorney George Gascon signed an order reverting to regular gasoline a month early in order to bring down prices. The prices are down into the $5-a-gallon range, which is still $2 higher than when President Joe Biden took office.
The earlier attempt to change the law was not spearheaded by Newsom, but rather occurred when a bill was introduced by Assemblyman Kevin Kiley to delete the gas tax. Instead, the language was rewritten to place a tax on oil companies. As negative reaction on social media climbed, a legislative committee
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California legislators establish penalties for Big Oil price gouging -SAN DIEGO (KUSI) – Following a special session of California legislators on Dec. 5 called by Gov. Gavin Newsom, new legislation was announced that will penalize Big Oil companies for price gouging. The law is one of the first and most restrictive of it’s kind concerning Big Oil. Big Oil corporations made record sales in the years following the pandemic,...
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California eyes penalties for oil companies' big profitsCalifornia could become the first state to fine big oil companies for making too much money
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California eyes penalties for oil companies' big profitsSACRAMENTO, Calif. (AP) — 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.
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California eyes penalties for oil companies' big profitsCalifornia could become the first state to fine big oil companies for making too much money.
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California lawmakers to meet, eye big oil's high gas pricesCalifornia lawmakers are preparing to return to work for a special session on gas prices
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California lawmakers to meet, eye big oil's high gas pricesCalifornia lawmakers are preparing to return to work for a special session on gas prices.
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