Business

Governor Convenes Session to Hold Oil Industry Accountable for Price Gouging

SACRAMENTO — As oil companies continue to evade questions about unexplained gas price increases, Gov, Gavin Newsom Nov. 30 convened a special session of the California Legislature on Dec. 5 to pass a price gouging penalty on oil companies that will keep money in Californians’ pockets. 

The Governor’s action comes on the heels of a state hearing yesterday — which five major oil refiners refused to attend — to investigate this fall’s unprecedented spike in gasoline prices that resulted in record refiner profits of $63 billion in just 90 days, disproportionately affecting low- and middle-income families.

This fall’s spike occurred while crude oil prices dropped, state taxes and fees remained unchanged and gas prices did not increase outside the western U.S., so the high prices went straight to the industry’s bottom line.

The text of the Governor’s proclamation convening a special session can be found here. 

During the special session, the Legislature will also consider efforts to empower state agencies to more closely review gas costs, profits and pricing as well provide the state with greater regulatory oversight of the refining, distribution and retailing segments of the gasoline market in California.

In the third quarter of 2022, from July to September, oil companies reported record high profits:

Details: Demanding accountability from oil companies and refineries  

Reporters Desk

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