Commentary: California Gov. Gavin Newsom accuses the oil industry of price gouging on gasoline prices and wants to impose penalties on excess profits. But he didn’t fare well in the first hearing for the proposal.
During a panel, State senators discuss petroleum windfall profits penalties and whether Californians will get relief at the gas pump, at the state Capitol in Sacramento on Feb. 22, 2023. Photo by Rahul Lal, CalMattersCalifornia Gov. Gavin Newsom accuses the oil industry of price gouging on gasoline prices and wants to impose penalties on excess profits. But he didn’t fare well in the first hearing for the proposal.
“Today’s hearing provided even more evidence that we need to crack down on Big Oil’s price gouging at the pump,” Newsom said. “Experts detailed how gas price hikes led to record profits and why we need greater transparency. Big Oil’s lobbyists again used scare tactics and refused to provide answers or solutions to last year’s price spikes. We’re taking action to hold them accountable with a price gouging penalty and long-overdue transparency measures.”.
California’s gas prices have historically been higher than those in other states, thanks mainly to its high taxes, both direct and indirect, and itsThe state has adopted a policy of phasing out California’s oil industry. As consumption declines, the state’s refining capacity has diminished.
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