A boom in oil industry earnings has created an opening for Gov. Gavin Newsom as he pursues a first-in-the-nation cap on industry profits.
SACRAMENTO, Calif. —
The timing is important. Oil companies are rolling out earnings announcements as lawmakers in California are poised to hold hearings on a Newsom proposal to cap profit margins — an idea he floated last year as pump prices in California rose to the highest in the nation even as the cost of a barrel of oil dropped around the world.
Newsom’s proposal, which state Sen. Nancy Skinner is steering through the Legislature, would target California refineries. It still lacks the most critical detail: the amount of profit that would generate a penalty. Oil industry executives are pleased with their results after a tumultuous period caused in large part by Russia’s invasion of Ukraine.
Oil industry representatives have accused Newsom of being more interested in scoring political points than targeting the factors that increase prices at gas stations. They say he should look at other factors in higher prices, including retail competition and state taxes.
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