John -
Big oil is ripping you off.
Instinctively, you know that. But here are some facts — and what we’re going to do about it in California.
While oil companies hiked the price of gas across the country this fall — they made a record $63 billion in just 90 days.
In the third quarter alone:
- Phillips 66 profits jumped 1243% over last year.
- BP posted $8.2 billion in profits and used $2.5 billion toward share buybacks to benefit Wall Street investors.
- Marathon, Valergo, and PBF Energy all saw an increase in profits between 500% and 1700%.
- Shell reported $9.45 billion and did a $4 billion buyback for investors.
- Exxon: $19.7 billion profits. Chevron: $11.2 billion.
Their greed has no limits. They are making obscene amounts of money keeping gas prices high.
So here’s what we’re going to do:
I’ve called for a special session of the state legislature to outlaw refiners from charging excessive hikes.
When an oil company makes too much money at your expense, California will be authorized to penalize them for price gouging.
The goal is to discourage price spikes in the first place, but any penalties collected will go directly back to Californians.
Enough is enough.
Passing this price gouging penalty won’t be easy, so send a message to the Legislature that you agree:
We’re not going to be gaslit by oil companies that are keeping gas prices high while raking in record profits.
It’s time for them to answer for their record profits while you paid record prices at the pump.
Thanks,
Gavin Newsom
