California Gov. Gavin Newsom said Friday he will call a special session of the state Legislature in December to pass a new tax on oil company profits to punish them for what he called “rank price g…
Senate Foreign Relations Committee Chairman Robert Menendez called Monday for freezing all U.S. cooperation with Saudi Arabia, delivering one of the strongest expressions yet of U.S. anger over Saudi oil-production cuts that serve to boost Russia in its war in Ukraine.
As committee chairman, Menendez, a New Jersey Democrat, vowed he “will not green-light any cooperation with Riyadh until the Kingdom reassesses its position with respect to the war in Ukraine. Enough is enough.” Gas prices soared across the nation this summer because of high inflation, Russia’s invasion of Ukraine and ongoing disruptions in the global supply chain.
The oil industry has pointed to California’s environmental laws and regulations to explain why the state routinely has higher gas prices than the rest of the country. Kevin Slagle, vice president of the Western States Petroleum Association, said Newsom and state lawmakers should “take a hard look at decades of California energy policy” instead of proposing a new tax.
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