California Focus: Decision time on gasoline gouging ...Middle East

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California Focus: Decision time on gasoline gouging
source : Ukiah Daily Journal ( Middle East ) () 26
The “special” legislative session on gasoline price gouging called for last Dec. 1 by Gov. Gavin Newsom has dragged on for months, still with no sign that a decision is near on whether to levy a windfall profits tax on California’s oil refiners. There is no question about the windfall profits part of all this: When they raised gas prices nearly to the $7 per gallon level starting last February, the refiners made great gobs of money. California’s Big 5 gasoline makers – Chevron, Marathon, PBF, Phillips 66 and Valero – posted overall profits of $67.6 billion over the first nine months of 2022, nearly four times as much as they made in the same nine months in 2021. Their yearly gains were even

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