A first-in-the-nation bill to punish oil companies for profiting from price spikes at the pump breezed through the California Senate on Thursday at the urging of Democratic Gov. Gavin Newsom, the first major vote in an effort to pass the law by month’s end.
24 Marzo 2023
The proposal is in response to sales last summer, when the average price of a gallon of gasoline in California soared to a record high $6.48. Drivers in some places paid as much as $8 per gallon, prompting widespread outrage in an election year.
Newsom, a Democrat, reacted by attacking the oil industry, specifically the five companies that provide 97% of gasoline in the state. He asked the Democratic-controlled state Legislature to pass a new tax on oil company profits, arguing it would protect consumers by preventing price spikes.
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