Governor Newsom Calls for a Windfall Tax to Put Record Oil Profits Back in Californians' Pockets

SACRAMENTO – As Californians see renewed spikes in gas prices, Governor Gavin Newsom today called for a windfall tax on oil companies that would go directly back to California taxpayers.

While crude oil prices are down, oil companies have increased gas prices in California by a record 84 cents per gallon in just the last 10 days. At the end of August, crude oil prices were roughly $100 per barrel, and the average gas price in California was $5.06; now, even though the price of oil has decreased to $85 per barrel, the average gas price at the pump has surged to $6.29.

Meanwhile, oil companies have raked in unprecedented profits on the backs of hard-working Californians – nearly $100 billion in the last three months alone.

Oil companies have failed to provide an explanation for the unprecedented divergence between prices in California compared to the national average.

https://www.gov.ca.gov/2022/09/30/governor-newsom-calls-for-a-windfall-tax-to-put-record-oil-profits-back-in-californians-pockets/