Penalty for profits? Gov. Newsom trying to punish big oil companies for rising gas prices. The special session today - now on ABC7
State lawmakers will briefly return to the state Capitol on Monday to swear in new members and elect leaders for the 2023 legislative session. But this year, Newsom also has called lawmakers into a special session for the purpose of approving a penalty for oil companies when their profits pass a certain threshold.
"It's kind of like the first day of school and you get this big ethics test about a job that you've never had," said Jamie Court, president of Consumer Watchdog, an advocacy group that has partnered with the Newsom administration to back the gas proposal. "Campaigns are not legislation, and the campaign slogans and strategies of my opponent are a thing of the past," said Ashby, whose district includes Sacramento. "I'm fixated on the people of Senate District 8 and I will make my decision based on what is in their best interest."
California's prices spiked again in October, even while the price of crude oil dropped. In the first week of October, the average price of a gallon of gas in California was $2.61 higher than the national average - the biggest gap ever. Since then, oil companies reported billions of dollars in profits.
"Big oil is ripping Californians off, and the deafening silence from the industry is the latest proof that a price gouging penalty is needed to hold them accountable for profiteering at the expense of California families," Newsom said in a news release announcing the special session.
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