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 ...
Has to raise money to pay for Reparations ,LOL
Gruesome Newsom is FOS.
If I were the oil companies, I’d be pulling up stakes. Let California have no oil.
Talk about tilting at windmills.
The profit margins for oil and gas fluctuates from negative to very high. On balance, it’s 20-30%, which is the same as basically any industry.
They are both guilty. Bulk from Ca is cheaper off the Vegas Rack than it is off the Ca racks before it gets to NV. So they are inflating base bulk prices in Ca.
Perhaps its time for petroleum companies refuse to deliver any gas or oil to Commiefornia. They despise it so much why not? Let them rely on their EVs and charge the via wind and solar.
Californians pay 75 cents a gallon tax at the pump. The oil companies pay the for carbon credits which is a tax passed on to the consumers. California minimum wage for gas station workers is $15 per hour. Newsom is banning fracking for oil production. Cities are prohibiting the construction of new gas stations so fuel will be harder to find and more expensive. Guess who pays for all of this?
The government of California is guilty of tax gouging.
Now even ARCO is leaving Cali
Sure did.
Oil companies will no longer sell oil and fuel in California, just the 49 other states.
If Gavin Newsom were to declare that the sky was blue, many people would begin to doubt their own eyes.
But they still vote for him.
Chevron has all but officially moved to Houston. With the latest Governor action, it may become official....
Either outlaw oil or you are a poser.
I was invested in a fracing company that was very successful in California until Newsom came along. They are now working elsewhere.
Bump!!! My questions exactly!!!!
Reason number 316 why I live about as far as you can get from CA.
Price caps always lead to shortages.
Bingo. I could share quite a few stories of government mandates from ignorant politicians that led to complete shortfalls of goods and services.
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