Newsom calls special legislative session to consider taxing oil company profits reaped by high gas prices.
Oil prices had a robust summer but had begun declining before OPEC+ announced plans this week to reduce output, which sent oil futures to their biggest weekly gain since March. West Texas Intermediate, the U.S. benchmark, jumped 4.7% to settle at $92.64 per barrel Friday. Brent crude, the international standard, rose 3.7% to settle at $97.92. Both are down from June, when futures contracts traded above $122 a barrel.
The special legislative session on the oil tax will begin Dec. 5, when lawmakers are already scheduled to reconvene in Sacramento after the November midterm election. “The gas rebates that are beginning to roll out today to Californians were a huge step in helping ease the brunt of rising fuel costs, and we will continue to examine all other options to help consumers,” they said in a statement. “A solution that takes excessive profits out of the hands of oil corporations and puts money back into the hands of consumers deserves strong consideration by the Legislature.
“It was just over a month ago that the governor and the Legislature got together and imposed a series of mandates and regulations that will cost Californians a record $54 billion. These are the types of actions that can drive consumer costs way up,” Slagle said. “A better use of the special session would be to take a hard look at decades of California energy policy and what they mean to consumers and our economy.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Newsom to call special legislative session over gas pricesCalifornia Gov. Gavin Newsom said Friday he will call a special session of the state Legislature in December to pass a new tax on oil company profits to punish them for what he called “rank price gouging.'
Read more »
Newsom calls special session on gas rebateGov. Gavin Newsom said he plans to call a special legislative session to push for a tax on oil industry profits. He would convene the special session on Dec. 5, the same day a new class of lawmakers will be sworn in.
Read more »
Newsom signs bill making family leave affordable to more workersGov. Gavin Newsom signed a bill that will boost the current family leave program, enabling lower-income workers to regain up to 90% of their income. The boost will begin in 2025.
Read more »
'Gas prices are too high': Gov. Newsom calls for direct tax on oil companies windfall profitsCalifornia Governor Gavin Newsom said he's calling for a special session to address the 'greed of oil companies.'
Read more »
DeSantis vs. Newsom: Gas Prices over $3 Lower in FloridaGas prices are more than $3.00 lower in Gov. Ron DeSantis’s (R) Florida than in Gov. Gavin Newsom’s (D) California.
Read more »
San Diego gas prices drop slightly as Newsom calls for special session to tax oil companiesAverage price dips for the second straight day as state officials and refiners spar.
Read more »