California eyes penalties for oil companies’ big profits
2 years ago

California eyes penalties for oil companies’ big profits

Associated Press  

SACRAMENTO, Calif. — California could become the first state to fine big oil companies for making too much money, a reaction to the industry’s supersized profits following a summer of record-high gas prices in the nation’s most populous state. He said the goal of the penalty is to prevent gas prices from shooting up similarly in the future, calling it “a proactive effort in order to change behavior.” “We’re burning up. We’re heating up because of these folks,” Newsom said, referring to the oil industry and its impact on the environment. “I don’t think anybody objects to having a business model that makes a profit, but the extent to which they’re taking advantage of people really does appear to be unfair,” said state Sen. Ben Allen, a Democrat from Santa Monica, expressing general support for Newsom’s concept.

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History of this topic

California bill penalizing oil profits makes little progress
1 year, 10 months ago

California bill penalizing oil profits makes little progress

Associated Press  

SACRAMENTO, Calif. — After gas prices in California spiked to more than $6.40 per gallon last summer, Gov. But state regulators say they can’t explain recent price spikes like the one last summer that, at its peak, had some California commuters paying as much as $8 per gallon while oil companies recorded super-sized profits. She said Newsom’s proposal will only …

With California battered by high gas prices, Newsom wants to penalize big oil companies
2 years ago

With California battered by high gas prices, Newsom wants to penalize big oil companies

LA Times  

The Legislature opens the special session Monday to consider approving penalties on oil companies that make excessive profits. Newsom has accused the oil industry of intentionally “price gouging” consumers at the pump as retribution for the state’s policies to phase out dependence on fossil fuels in an effort to curb climate change. Though Newsom first called for “a windfall tax …

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