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 companies as punishment for what he calls 'rank price gouging.'
. Newsom and his fellow Democrats that control the state Legislature refused to do that, opting instead to send $9.5 billion in rebates to taxpayers — which began showing up in bank accounts this week.
The state Legislature briefly considered a proposal earlier this year that would have imposed a"windfall profits tax" on oil companies' gross receipts when the price of a gallon of gasoline was"abnormally high compared to the price of a barrel of oil." The Legislature's top two leaders — Senate President Pro Tempore Toni Atkins and Assembly Speaker Anthony Rendon — said in a joint statement that lawmakers"will continue to examine all other options to help consumers."
"Who here thinks that another tax is going to bring down your gas prices? Is going to bring down any costs in this state? It's not going to happen," Assembly Republican Leader James Gallagher told reporters on Wednesday. The California Energy Commission wrote a Sept. 30 letter to five oil refiners demanding an explanation for why gas prices jumped dramatically and why inventory fell during refinery maintenance that was planned in advance.
The companies who received the letter were Chevron, Marathon Petroleum, PBF Energy, Phillips 66 and Valero.
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