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Posted by: thepinetree on 12/06/2022 09:49 AM Updated by: thepinetree on 12/06/2022 09:49 AM
Expires: 01/01/2027 12:00 AM
:

Governor Newsom Unveils Price Gouging Penalty on Big Oil’s Profits

Sacramento, CA...Following unexplained gas price hikes that led to record profits for Big Oil, Governor Gavin Newsom and Senator Nancy Skinner (D-Berkeley) unveiled a proposed price gouging penalty on oil companies’ excess profits to deter excessive price increases and keep money in Californians’ pockets.




The language of the proposed price gouging penalty can be found here. 

“California’s price gouging penalty is simple – either Big Oil reins in the profits and prices, or they’ll pay a penalty,” said Governor Newsom. “Big Oil has been lying and gouging Californians to line their own pockets long enough. I look forward to the work ahead with our partners in the Legislature to get this done.”

Taking on Big Oil’s Excessive Profits

“Putting the Governor’s proposal in print allows the Legislature and the public to begin discussions on this important issue. No one can deny that California’s gas prices were outrageously high compared to other states. And those high prices hurt California consumers and businesses,” said Senator Skinner (D-Berkeley).

The proposal introduced today by Senator Skinner comes as the California Legislature is assembling in a special session called by the Governor to pass a price gouging penalty. The Legislature will also consider efforts to empower state agencies to more closely review gas costs, profits and pricing as well provide the state with greater regulatory oversight of the refining, distribution and retailing segments of the gasoline market in California.

The proposal would discourage oil refiners from fleecing Californians by making it unlawful to charge excessive profits – excessive refiner margins would be punishable by a civil penalty from the California Energy Commission (CEC). The amount of the maximum margin and the amount of the penalty will be determined through the legislative process. Any penalties collected by the penalty will go to a Price Gouging Penalty Fund and then given back to Californians.

The proposal also improves transparency and oversight of the oil industry by the state, expanding the CEC and the California Department of Tax and Fee Administration’s ability to investigate and obtain information on costs, profits and pricing so that the state can better address the causes of pricing irregularities and minimize the likelihood of future supply or price shocks.

According to a recent poll from Consumer Watchdog, 60% of California voters support a price-gouging penalty.

In the third quarter of 2022, from July to September, oil companies reported record high profits:
Taking action to lower prices at the pump, Governor Newsom in September ordered the switch to winter blend gasoline and demanded accountability from oil companies and refiners that do business in California. Since California’s record-high gas prices of $6.42, the Governor’s actions have reduced those prices to $4.77 most recently – a decrease of $1.65 since the peak.

# # #


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The comments are owned by the poster. We are not responsible for its content. We value free speech but remember this is a public forum and we hope that people would use common sense and decency. If you see an offensive comment please email us at news@thepinetree.net
No Subject
Posted on: 2022-12-06 09:57:15   By: Anonymous
 
This guy is a prick, he goes after anyone that makes money, and why not, if you think of it, when I pulled up to the pump, I was thankful that something came out of the hose, not condemning oil workers for producing, and refining gas and diesel to power the trucks and tractors we depend on, and yes high prices we’re tough on many, but for the most part we made it through that time.

[Reply ]

    Re:
    Posted on: 2022-12-06 10:18:40   By: Anonymous
     
    All big corporations that are major contributors to the GOP. No one's blaming the workers but rather the uber wealthy who continue to get richer while the middle class struggles. This began with the Bush Sr. tax cuts and continues today. The fact that the oil companies' reps won't even show up at the table speaks volumes. Amusing how many of you were blaming Newsom and Biden for gas prices and yet let the big GOP-run corporations off the hook.

    [Reply ]

      Re:
      Posted on: 2022-12-06 10:23:41   By: Anonymous
       
      Most of the big corps are just dem stooges now

      [Reply ]

        Re:
        Posted on: 2022-12-06 13:48:05   By: Anonymous
         
        Newsom sure is a lousy socialist.

        Any real socialist would be calling for the nationalization of these big oil companies.

        Gavin can't even do socialism correctly.

        [Reply ]

      Re:
      Posted on: 2022-12-06 12:51:03   By: Anonymous
       
      If you look back at the first day Biden was in Office he cancelled the Excell Pipeline. included in that if you dig deep were the cancelling of numerous drilling permits causing the oil companies to lose thousands on infrastructure and well drilling equipment purchases. They have to answer to their stock olders and cover their costs from the cuts forced on them.

      this just goes to show that soon it won't be profitable for any business to stay in CA. Sure hope the Oil companies don't quit doing business in CA.

      [Reply ]

    Re:
    Posted on: 2022-12-06 10:20:15   By: Anonymous
     
    So, you don't believe that there should be caps on gas prices? Especially in a time when big oil has enjoyed its highest profits in decades?

    [Reply ]

      Re:
      Posted on: 2022-12-06 10:24:51   By: Anonymous
       
      Similar crap to what Carter tried! How did that work out? Mess with the markets and everyone suffers

      [Reply ]

        Re:
        Posted on: 2022-12-06 14:15:16   By: Anonymous
         
        TRUMP ORGANIZATION FOUND GUILTY ON ALL COUNTS OF CRIMINAL TAX FRAUD!

        [Reply ]

      Re:
      Posted on: 2022-12-06 10:55:10   By: Anonymous
       
      Caps on prices? You mean all of the companies Joe said he was putting out of business? That's a real smart thing to do when we're not even close to going electric.

      [Reply ]

    Re:
    Posted on: 2022-12-06 10:23:27   By: Anonymous
     
    Nothing to do with workers but the greedy folks at the top. If Gov. Newsom hadn't acted, you'd be condemning him. You Trumpsters will put a spin on anything just to get behind the GOP, exactly where they want you to be while they reap extraordinary profits. My portfolio has done very well but I also recognize the tax code was designed for those with wealth while those struggling pay proportionately more.

    [Reply ]

    Re:
    Posted on: 2022-12-06 10:41:22   By: Anonymous
     

    🖕 Fuk You NewScum 🖕

    [Reply ]

      Re:
      Posted on: 2022-12-06 22:01:56   By: Anonymous
       
      ^#Newsome/Warnock2024^

      [Reply ]

No Subject
Posted on: 2022-12-06 10:00:16   By: Anonymous
 
If Gavy would lower the gas taxes we pay in California, he would have some credibility, but no, this a-hole blames everyone but the Libtards in charge of this state! Nice try Gavy, your a typical loser, Libtard!

[Reply ]

    Re:
    Posted on: 2022-12-06 10:21:59   By: Anonymous
     
    So in the MAGAT mind price gouging is a-ok.
    So long as their Republican racist fascist pals are making $ it's all good.

    What does this say about the magat mindset?

    [Reply ]

      Re:
      Posted on: 2022-12-06 10:38:48   By: Anonymous
       
      Thank you Governor Newsom. Great job

      [Reply ]

        Re:
        Posted on: 2022-12-06 10:41:31   By: Anonymous
         
        President Biden said the same thing about big oil companies. It’s price gouging. Let us guess, fox news doesn’t like it …

        [Reply ]

          Re:
          Posted on: 2022-12-06 14:16:14   By: Anonymous
           
          TRUMP ORGANIZATION FOUND GUILTY ON ALL COUNTS OF CRIMINAL TAX FRAUD!!!

          [Reply ]

        Re:
        Posted on: 2022-12-06 11:43:58   By: Anonymous
         
        Agree...but does youe Partner agree????"::

        [Reply ]

      Re:
      Posted on: 2022-12-06 12:02:09   By: Anonymous
       
      TRUMP is not a Contender..........so stop your Blubbering rage about Trump!!! Get a job, or start a Businesss (which is actually more work), release your hate, & then get a life!!

      [Reply ]

    Re:
    Posted on: 2022-12-06 10:43:08   By: Anonymous
     
    Exactly!!! CA gas tax is $0.51 @ the pump (Highest in USA) + no one wants to talk about the Cap & Trade fee's placed on the Gas Companies + et all which of course raises the price of gas @ the pump too. Newsome is a money collecter...more mony, more power!! Tax the Oil Companies, Gas goes higher as a result & Newsome collects more $$$$ at the pumpm too from consumers.....wake up CA!!!!!!!!!

    [Reply ]

      Re:
      Posted on: 2022-12-06 10:58:40   By: Anonymous
       
      Are you for real?

      We're supposed to reduce the state fuel sales tax to subsidize inflated big oil profits and in doing so let maintenance of the state's roads and bridges go to hell?

      You're an A1 big oil schill.

      [Reply ]

        Re:
        Posted on: 2022-12-06 11:18:24   By: Anonymous
         
        How does the State Fuel Tax help big Oil you Idiot!!!!

        [Reply ]

Re:
Posted on: 2022-12-06 10:40:53   By: Anonymous
 

🖕 Fuk You NewScum 🖕

[Reply ]

    Re:
    Posted on: 2022-12-06 10:42:45   By: Anonymous
     
    You are a complete idiot ^

    [Reply ]

      Re:
      Posted on: 2022-12-06 10:47:46   By: Anonymous
       
      The next president of the United States will be Given Newsom. Because republicans stupidity cost them every election. Fake election fake news alternative facts that’s the Republican Party.

      [Reply ]

      Re:
      Posted on: 2022-12-06 10:48:46   By: Anonymous
       
      Newsome I presume????

      [Reply ]

        Re:
        Posted on: 2022-12-06 10:55:24   By: Anonymous
         
        Why are Democrats so Stupid??? There was a day we had a Democratic President, JFK, & he said "Ask Not What Your Country Can do for you, but what can You Do For Your Country!!! All these Socialist handouts are not supporting Democracy.....Socialism/Communism, One world Order sure likes the Dempcrat agenda

        [Reply ]

          Crude Oil Price -$73
          Posted on: 2022-12-06 10:59:57   By: Anonymous
           
          Today's crude price is near $73.
          The gas price is going down , the high prices were way above normal profit margins why? The oil cos tried to skew the elections for the Republicans- their best buddies.

          This was election meddling nothing less.

          [Reply ]

            Re: Crude Oil Price -$73
            Posted on: 2022-12-06 11:27:15   By: Anonymous
             
            Those Damn Republicans???? It's all our fault??? " Come on man...give me a break" (blibbering Biden vocabulary)

            [Reply ]

            Re: Crude Oil Price -$73
            Posted on: 2022-12-06 11:57:07   By: Anonymous
             
            Supply & Demand affects Fuel cost......less demand brings cost's down! Not Biden or Newsbomb or anyone else! We live in a free society, wonderfull....or would you love to have GOVERNMENT call all the shots......??????

            [Reply ]

              Re: Crude Oil Price -$73
              Posted on: 2022-12-06 13:29:52   By: Anonymous
               
              So you ignore the base cost- crude oil price? brilliant!
              Ca is ready to do the math-crude price, add refining distribution costs , and a set profit. That's fair.
              To arbitrarily set fuel prices focusing on price-profit , add politics-manipulating the consumer vote, and you see why regulation of the oil cos is way over due.

              Regulation- the word that makes Republicans apoplectic.

              We all know who the GOP caters to 100%.

              [Reply ]

      Re:
      Posted on: 2022-12-06 13:06:05   By: Anonymous
       

      ^ You are a stupid ass Libtard who will believe all the lies and hate propaganda coming out of that dementia patients mouth in the White House.

      [Reply ]

No Subject
Posted on: 2022-12-06 12:12:15   By: Anonymous
 
You Libtards must be in lock step with Plugs knowing that approximately $163 billion was squandered during the Covid relief fiasco! Must be why Plugs is going after those that make over$600.00 in a yard sale! You fing Libtards, there is never enough money collected from the tax payers to cover your shenanigans! You’re worried about Big Oil when your own government is drawing your pockets to give to schisters and grifters? If you think you got gouged at the pump, atleast you got something for your money, all the money Plugsie shelled out went to every scam artist in the world!
By the way, let’s let 16 yr. Olds vote, most 16 yr. Olds I know don’t know their ass from a hole in the ground! You Libtards are desperate for shenanigans, this is all going to come to a screeching halt come January, finally, some semblance of sanity!

[Reply ]

No Subject
Posted on: 2022-12-06 12:25:26   By: Anonymous
 
As long as we are all in agreement, let’s talk about Gavy’s bullet train. How many of you are going to drive to Madera to catch a ride to Bakersfield! 0, I guessed it! How much have he and Jerry the fairy spent on this Libtard, fantasy idea? Upwards of $500 billion dollars, and no one has ridden it yet!, the Libtards love to spend someone else’s money, namely yours and mine! You Libtard fools just go along with anything because most of you have never had a real job, Mommy and Daddy payed for everything till they wised up and kicked your sorry ass out of the family home, because at25 you still didn’t know how to run the washing machine, or cook a legitimate meal! On and on it goes, eh Libtards!

[Reply ]

    Re:
    Posted on: 2022-12-06 15:22:57   By: Anonymous
     
    You need to calm down
    .
    Crying partisan politics and name calling is not making your points anymore cogent.
    Fellow Americans are not your enemy.

    [Reply ]

      Re:
      Posted on: 2022-12-07 08:41:44   By: Anonymous
       
      Democrats are not fellow Americans, they're Socialist. They think Socialism is a great thing, but all they can think of is getting something for free Free FREEEEEEEEE!!!
      Democrats are responsible for the majority of all violent crime in our country.
      Democrats are overwhelming the incarcerated felons in all of our prison system.
      Democrats are the only political party who have assassinated four of our sitting Presidents in our history.
      Democrats in Power are the only party that has Weaponized our FBI and DoJ
      The 45th and 46th Presidents both have tried to change our Constitution and/or get rid of parts to suit their Agenda, sadly the senile one is still in power making THREE HUNDRED PLUS MILLIONS OF AMERICANS SUFFER FROM HIS SENILITY AND HAS ALREADY GONE DOWN IN HISTORY AS THE WORST PRESIDENT IN MODERN HISTORY.

      [Reply ]

No Subject
Posted on: 2022-12-06 12:32:23   By: Anonymous
 
I have some more fee time, so let’s talk about how much of our tax dollars have been spent on homelessness by the state govt. this year? Approx. 21 $ million, again yours on my tax money! Seen any improvement in getting the homeless off the streets? No, didn’t think so! You are being worked by Libtard con-artists!


[Reply ]

No Subject
Posted on: 2022-12-06 12:49:13   By: Anonymous
 
Does it bother you that Mc Donald’s charges $ 3.00 now for a burger that costs 14cents in the 60’s when they first came out?
How about Starbucks, charging $1.50 for coffe that used to cost 10 cents? Complain, complain, complain, that is all you hear from the Libtards! Take a little time and Google, ABC’s 150 greatest pictures fom this last year and see what you and I as Americans have to be thankful for! Two/Thirds of those pictures showed people blown up in war, famine, living in despot controlled countries, not to mention what has happened to girls and women in Afghanistan since our pullout!

[Reply ]

    Re: Does it bother you
    Posted on: 2022-12-06 20:41:03   By: Anonymous
     
    When dotards blame liberals for the price of hamburgers and coffee. Then have the nerve to mention the treatment of women in Afghanistan.
    Dotards think that women in this country should be in the kitchen. And have no say in what they can and can't do with their own body.
    Frickin dotards.

    [Reply ]

No Subject
Posted on: 2022-12-06 12:55:12   By: Anonymous
 
$1.25 trillion in unfounded state pension plans in California, in other words, the LIBTARDS ARE RUNNING US DOWN A RABBITT HOLE! If you’re too illiterate to figure this out, you shouldn’t be voting!, THAT IS. TRILLION WITH A T!

[Reply ]

Re:
Posted on: 2022-12-06 13:03:41   By: Anonymous
 
TRUMP ORGANIZATION FOUND GUILTY ON ALL COUNTS OF CRIMINAL TAX FRAUD!!!

[Reply ]

    Re:
    Posted on: 2022-12-06 14:31:37   By: Anonymous
     
    THANK YOU NEWSCUM FOR BEING A COMPLETE IDIOT!

    [Reply ]

      Re: you truly suck AND JENNIFER NEWSCUM TOO HARVEY'S PENIS UP HER ASS
      Posted on: 2022-12-06 22:04:22   By: Anonymous
       
      UP YOUR ASS NEWSCUM? DID YOU READ ABOUT HIS WIFE JENNIFER BANGING HARVEY??? EVEN THE JUDGE SAID SHE WAS HAVING SEX WITH HARVEY FOR FAVORS. AFTER SHE SAID SHE WAS RAPED SHE KEPT EMAILING HARVEY ASKING FOR FAVORS AND IF HE HAD ANY MOVIES SHE COULD AUDITION FOR.
      IT'S NOT ONLY NEWSCUM WHO CAN SHOVE IT UPI HIS ASS, JENNIFER LIKES IT UP HER ASS TOO WITH HARVEY'S (AS SHE CALLED HIS PENIS) FISH SHAPED PENIS.

      [Reply ]

        Re: you truly suck AND JENNIFER NEWSCUM TOO HARVEY'S PENIS UP HER ASS
        Posted on: 2022-12-07 09:27:16   By: Anonymous
         
        Pretty clear you're a closet homo. Obsessively talking about dookie diving gives you away. So, we all know you enjoy some up the butt time. And have a screw loose. Creepy fu cker..

        [Reply ]

          Re: you truly suck AND JENNIFER NEWSCUM TOO HARVEY'S PENIS UP HER ASS
          Posted on: 2022-12-07 22:40:09   By: Anonymous
           
          Dudes Anti

          [Reply ]


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