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Newsom Seeks Oil Company Windfall Profits Tax As Prices Spike

Sept. 30, 2022, 9:59 PM

California Gov. Gavin Newsom proposed a windfall profits tax on oil companies Friday.

As gas prices increased by a record 84 cents per gallon in the past 10 days and oil companies have failed to provide an explanation for the jump in prices and the difference between prices in California compared to prices in other states, the Democratic governor said.

The average price per gallon in California is $6.29 compared to the national average of $3.79, according to the American Automobile Association.

“We’re not going to stand by while greedy oil companies fleece Californians,” Newsom ...