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Gas prices would increase even more if California taxes profits




California's average gas price as of Oct. 11 is $6.29 per gallon, according to GasBuddy.com. At $6.27, Orange County's rate is a bit lower.


A "windfall profits tax" on oil companies, allegedly because they are "gouging" drivers, would be the worst "solution."


California taxpayers impacted by high gas prices will receive rebates or refunds from the state's recouped windfall profits, his office explained. It will be up to the Legislature to decide how that is accomplished. Families are receiving up to $1,050 in checks from the California budget surplus from the $100 billion surplus.


“Crude oil prices are down but oil and gas companies have jacked up prices at the pump in California. This doesn’t add up,” said Gov. Gavin Newsom in a recent statement. “We’re not going to stand by while greedy oil companies fleece Californians. Instead, I’m calling for a windfall tax to ensure excess oil profits go back to help millions of Californians who are getting ripped off.”



11 October 2022

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