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January 1, California Gas Prices Skyrocket: Newsom Targets Big Oil and Sparks Controversy
Gas prices in California have soared past $5 a gallon this year, largely due to high taxes and strict regulations on the industry. Democratic Governor Gavin Newsom blames the state’s expensive gas on greedy oil companies.
Newsom aims to cap gasoline producers’ profits. Critics argue this will burden California refineries, eventually leading to drivers being charged over $6 a gallon. Last year, the governor signed an anti-price gouging law that establishes an industry watchdog and increases scrutiny on oil companies.
Newsom stated, “These new transparency laws will help us track refiners’ profits and shine a light on price manipulation so Californians aren’t vulnerable to the greedy whims of Big Oil.” The California Energy Commission is currently considering a proposal to establish a penalty for gas producers who excessively profit from California drivers.
Siva Gunda, the commission’s vice president, said, “We are still in the process of evaluating the opinions of the experts we have.” He added that “what we understand is there is a divergence of opinion.”
Industry leaders warn that a profits penalty could not only raise gas prices but also drive gas companies out of the state and curb California’s oil supply. Chevron expressed their concern in a letter to the state’s energy commission, writing, “An ill-defined and arbitrary maximum margin for refiners will not lower gasoline prices this summer.”
Lawmakers on both sides of the aisle are voicing their concerns. State Senator Susan Rubio, a Democrat, said, “Some of us come from very disadvantaged communities and they are the ones who bear the brunt of the cost hikes.” Even lawmakers in neighboring states, like Arizona state Rep. Justin Wilmeth, a Republican, worry their states could feel the effects of California’s gas penalty.
The commission is expected to vote on whether to start capping gas profits by the end of the year.
As our loyal readers, we encourage you to share your thoughts and opinions on this issue. Let your voice be heard and join the discussion below.
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Helen
June 5, 2024 at 7:17 pm
With Newsom in charge we’re all doomed. Expect to pay over $6.00 a gallon during this summer. The governor is so out of touch with reality. More people will be moving out of state. Just watch…
Disgusted Patriot
June 5, 2024 at 7:21 pm
What bureaucrat decides what is “excessive profit”? None of them have ever worked in a ‘for profit’ business, just sucking off the taxpayers in the biggest non-profit organization ever. Punish the oil companies by fining them for excessive profits…..that money will go into the states’ general fund to balance the California budget. Next version of tobacco settlements.
Really frightening part is that a large number of idiots want this fool to run for the White House! God help us.
Dr Lawrence E Corcoran
June 5, 2024 at 7:54 pm
Some adults have just grown up in size; their thinking is still in the infancy. Source when not meeting the market, fails- is that hard to understand?
Haydon
June 5, 2024 at 8:12 pm
Go for the gold Newsome! The longer he is governor, and the state is run by the far left, the less relevant California becomes. I only have compassion for the rural, small towns in the state. For the most part those residents exhibit some logic and reason but, due to the population density and distribution in the far-left cities, they are merely along for the ride to hell.
Steve
June 5, 2024 at 8:14 pm
That’s BS. I bought gas today in arizona for $3.35 and that’s too high, but California ?
David Lagesse
June 5, 2024 at 10:17 pm
What about the GREEDY WHIMS of Big GOVERNMENT, Mr. Newsom?
Michael
June 5, 2024 at 10:28 pm
Maybe having the highest gasoline tax in the country has something to do with it. And how is the budget going to work when CA outlaws gas cars?
Auntie "M'
June 6, 2024 at 12:20 am
That Newsome has done one hell of a job. No wonder people are fleeing like rats from a sinking ship. All we need is this half wit, replacing the half wit in the W.H. Harris and Newsome JHC. Too disgusting even contemplate.
Gary Heyer
June 6, 2024 at 8:14 am
Seems the esteemed democratic governor has never heard of “the invisible hand” of market forces, but prefers to employ the all-knowing fist of governmental control. Say, isn’t that what works so well in Russia and China and other communist countries?!
KR
June 6, 2024 at 8:54 am
Yeah. Get rid of all the taxes on Gasoline and the price of gas will come down.
captain blasto
June 6, 2024 at 12:29 pm
F California! The answer is very simple. The oil companies need to shut down all operations in California. Never, ever sell a drop of gasoline, Diesel, kerosene etc. Do not allow anyone in California to order from out of state either. Give the dirtballs who infest that state what they want an deserve. The long game of the demcommunistcrats is to take over the oil industry. Anti “price gouging” laws are simply Anti Private property / anti private industry laws. Wake the hell up. When the criminals who rule California show they can do it there, it will happen in more states.
Kyle Hansen
June 7, 2024 at 6:21 pm
I am all for Newsome doing this. It will be great entertainment. If I was running the gas companies I would pull out of California and not sell a drop. I want to see how he will spin the fact that there is no gas in California. Probably blame Trump. I can not wait for the drama great fun.