According to a Consumer Watchdog, the five big refiners quadrupled their profits through the first nine months of 2022.
Gov. Gavin Newsom will call a special session of the state legislatures, hoping to pass a so-called price gouging penalty on oil companies.According to Consumer Watchdog, the five largest oil refineries quadrupled their profits through the first nine months of this year. In 2021, the companies reported $17 billion in profits compared to $67 billion in 2022.
Gov. Gavin Newsom hopes to pass a so-called price gouging fee after oil companies quadrupled their profits through the first nine months of 2022."This is basically saying 'We're going to cap these profits and we're going to return them," said the organization's President Jamie Court."It's only on the refining because that's where we're getting bludgeoned.
"Any fee imposed by the government is essentially a tax," said WSPA Vice President Kevin Slagle."We can call it whatever we want."
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