Newsom said he will call a special session in December to pass a new tax on oil company profits to punish them for what he called “rank price gouging.”
soared across the nation this summer because of high inflation, Russia’s invasion of Ukraine and ongoing disruptions in the global supply chain.
Several states chose to suspend their gas taxes this summer, including Maryland, New York and Georgia. Newsom and his fellow Democrats that control the state Legislature refused to do that, opting instead to send $9.5 billion in rebates to taxpayers — which began showing up in bank accounts this week.
That proposal would have required state regulators to determine the tax rate, making sure it recovered any oil companies’ profit margins that exceeded 30 cents per gallon. The money from the tax would then have been returned to taxpayers via rebates.Newsom did not comment on that proposal when it was introduced in March, and lawmakers quickly shelved it. It could, however, act as a blueprint for the new proposal being negotiated between Newsom and legislative leaders.
California Republicans — who do not control enough seats to influence policy decisions in the Legislature — have called the tax "foolhardy."Gas prices in California have set records in recent days. Some consumers are worried prices will continue to rise as OPEC announced a cut to oil production. But experts say California prices may stay where they're at.
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Newsom to call special legislative session over gas pricesCalifornia 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 gouging.'
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Newsom calls special session on gas rebateGov. Gavin Newsom said he plans to call a special legislative session to push for a tax on oil industry profits. He would convene the special session on Dec. 5, the same day a new class of lawmakers will be sworn in.
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Newsom signs bill making family leave affordable to more workersGov. Gavin Newsom signed a bill that will boost the current family leave program, enabling lower-income workers to regain up to 90% of their income. The boost will begin in 2025.
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'Gas prices are too high': Gov. Newsom calls for direct tax on oil companies windfall profitsCalifornia Governor Gavin Newsom said he's calling for a special session to address the 'greed of oil companies.'
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DeSantis vs. Newsom: Gas Prices over $3 Lower in FloridaGas prices are more than $3.00 lower in Gov. Ron DeSantis’s (R) Florida than in Gov. Gavin Newsom’s (D) California.
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San Diego gas prices drop slightly as Newsom calls for special session to tax oil companiesAverage price dips for the second straight day as state officials and refiners spar.
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