Gavin Newsom calls for windfall tax on big oil profits

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California Gov. Gavin Newsom called Friday for a windfall profits tax on oil companies that would go directly back to California residents.

While crude oil prices are down nationally, big oil companies have increased gas prices in California by a record 84 cents per gallon in just the last 10 days.

“Crude oil prices are down but oil and gas companies have jacked up prices at the pump in California. This doesn’t add up,” said Newsom. “I’m calling for a windfall tax to ensure excess oil profits go back to help millions of Californians who are getting ripped off.”

California lawmakers are not due back in session until January 2023, which would be the earliest Californians could see any movement on this.

Calls for windfall profits taxes have increased globally in recent weeks.

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