Governor Newsom Looks to Fine Big Oil Companies for Huge Profits on Californians

california-legislature-2
california-legislature-2

California Gov. Gavin Newsom walks through the assembly chamber with California Controller Malia Cohen during the opening session of the California Legislature in Sacramento, Calif., Monday, Dec. 5, 2022. The legislature returned to work on Monday to swear in new members and elect leaders for the upcoming session. (AP Photo/José Luis Villegas, Pool)

California is looking to become the first state to fine big oil companies for making super-sized profits on gas prices.  Governor Gavin Newsom is pushing the move forward, and he’s hoping the special legislative session that started Monday will back him. Newsom alleges the oil companies took in $63-billion in profit just in a recent 90-day period.  Gas prices in California have always topped the national average because of taxes, fees and environmental regulations that states don’t have.  The governor says his people and lawmakers will work out the details, such as what the cap should be on profits, what the fine should be, and who gets that money.  Newsom is being careful not to call it a tax as that would require a two-thirds vote for approval instead of a simple majority.