Web Version [link removed] | Update Preferences [link removed] Press Release Business Roundtable Responds to Governor Newsom's New Oil Profit Penalty Tax

FOR IMMEDIATE RELEASE

December 5, 2022

CONTACT: Brooke Armour [mailto:[email protected]?subject=August%20Employment%20Numbers]

(916) 553-4093

SACRAMENTO— Rob Lapsley, president of the California Business Roundtable, issued the following statement today in response to Governor Newsom's oil profits penalty tax proposal:

“Let’s be clear, the governor’s proposed profit ‘penalty’ is just a tax by another name and will raise the price at the pump even higher for hardworking California families. The Energy Commission, [[link removed]] industry experts, and economists have all pointed to actions by the state—including the more than $1.08 per gallon of taxes and fees—as the main culprit for California’s persistently high gas prices. But instead of addressing the costs his and previous administrations have added to gasoline as a result of their energy policies, Governor Newsom is trying to distract with a political ploy that will make our gas price crisis even worse. The governor is sending a message to investors and companies across the country that California now intends to start micromanaging business decisions, in addition to the myriad and growing regulations, high taxes and policies that continue to make California the worst place in the nation to do business.”

California Business Roundtable 1301 I Street, Sacramento, CA 95814 916.553.4093 | [[link removed]] Web Version [link removed] | Update Preferences [link removed] | Unsubscribe [link removed]