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SACRAMENTO – Following Governor Gavin Newsom’s announced proposal for a price gouging penalty, here are the top 10 reasons why it’s time to rein in Big Oil and keep money in Californians’ pockets:
1. Big Oil made record profits last quarter – $63 billion in only 90 days – after hiking up the cost of gas on Californians.
2. California refiners like Valero and Marathon increased their profits by 500% and 545% in only a year, while Exxon reported their highest-ever quarterly profits and Chevron reported their second-highest – a staggering $19.7 billion and $11.2 billion, respectively.
3. Big Oil charged Californians historically high prices this summer and fall, peaking at $6.42 per gallon, despite the cost of crude going down and no changes in state taxes, regulations or fees.
4. Big Oil charged Californians a record $2.61 per gallon more than the rest of the nation.
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