SACRAMENTO, Calif. (AP) — After gas prices in California spiked to more than $6.40 per gallon last summer, Gov. Gavin Newsom led a charge against an industry…
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Historically, California’s gas prices have always been higher than the rest of the country because of the state’s higher taxes and fees, and the special blend that gasoline regulators require because it is better for the environment. “What the hell are the possible unintended consequences that could hurt those very people to a greater extent?” asked state Sen. Bill Dodd, a Democrat from Napa.
The big question is how much profit would trigger the penalty. Consumer Watchdog, a nonprofit group that Newsom has frequently cited when criticizing oil companies, wants that threshold to be anytime oil company profits exceed 50 cents per gallon. “The real problem we have in California is we have five refiners who make 97% of our gasoline,” Court said. “When they want to squeeze us, they can.”
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