California Gov. Gavin Newsom will call a special session of the state Legislature to pass a new tax on oil companies.
California Gov. Gavin Newsom said on Friday, Oct. 7, 2022, that he will call a special session of the state Legislature on Dec. 5, to pass a new tax on oil companies in response to high gas prices, while talking to reporters in Sacramento, Calif. California Gov. Gavin Newsom said Friday he will call a special session of the state Legislature in December to pass a new tax on oil company profits to punish them for what he called “rank price gouging.
It’s unclear how the tax Newsom is proposing would work. Newsom said he is still working out the details with legislative leaders, but on Friday said he wants the money to be “returned to taxpayers,” possibly by using money from the tax to pay for more rebates. Newsom did not comment on that proposal when it was introduced in March, and lawmakers quickly shelved it. It could, however, act as a blueprint for the new proposal being negotiated between Newsom and legislative leaders.
California Republicans — who do not control enough seats to influence policy decisions in the Legislature — have called the tax “foolhardy.” On Friday, Scott Folwarkow, Valero’s vice president for state government affairs, responded that “California is the most expensive operating environment in the country and a very hostile regulatory environment for refining.” He said that has caused refineries to close and tightened supply because California requires refineries to produce a specific fuel blend.
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