Posted on 03/29/2023 6:19:54 AM PDT by ChicagoConservative27
California Gov. Gavin Newsom (D) claimed victory Tuesday over oil companies with the signing of a law that caps their profits and punishes price gouging — though there is little evidence they are engaged in the practice.
California gas prices are usually the highest in the nation, a fact that became painfully clear during nationwide price surges last summer. But as been widely documented, including by the New York Times, that has to do with state taxes and with climate change regulations. One oil company CEO responded last year to claims of price gouging by noting that California has a “very hostile regulatory environment for refining,” limiting supply.
Still, Newsom searched for a scapegoat, and found the oil companies an easy target in a state whose left-leaning voters returned Democrats to every statewide office. But his early legislative efforts ran into legal trouble.
(Excerpt) Read more at breitbart.com ...
Gavin Newsom (D) claimed victory Tuesday over oil companies with the signing of a law that caps their profits.
Don’t anyone be surprised if you see the old 70’s signs at gas stations.
SOORY NO GAS
Ca has reduced oil drilling by 25 %
$10 a gallon here we come. Does this doofus actually think that the tax won’t be passed along to the consumer? BS, he knows it will and he is intentionally screwing all his minions in Commiefornia. Its all part of the WEF/NWO globalist plan. He doesn’t give a crap about you, average citizen. Never has, never will.
It'll take a while, the oil companies will first move as much business personnel and facilities out of CA as possible.
They may even disassemble refineries and sell them to foreign nations, and write off the loss.
Actual oil wells in CA may be wound down and capped (if CA tries to keep that oil in CA), for the fed tax and investment write off.
Once most all operations are out of CA, then CA has no control over supply or price, the oil companies can sell elsewhere for market price.
That is an Economic truism.
Does this doofus actually think that the tax won’t be passed along to the consumer.
Oh he knows California is trillions in debt it’s just another way to get tax money.
California is illegal central it takes a lot of money to keep the welfare wagon rolling.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.