PALO ALTO, Calif. – Californians are once again feeling pain at the pump. Gas prices are on the rise, even though crude oil prices have fallen to $85 a barrel.
In an effort to bring the cost down for drivers, Governor Gavin Newsom announced a change Friday to immediately increase the state’s gas supply.
Californians are paying an average of $6.36 a gallon, according to AAA, the highest price in country. In Santa Clara County, it’s nine cents higher, $6.45 a gallon, leading some drivers to seek out the lowest price they can find.
Newsom is also taking on big oil, and proposing a windfall profits tax on oil companies because lately the cost of crude oil has been falling, but prices at the pump have risen 11% in the last week.
Newsom’s critics argue that the Windfall profits tax would backfire, and actually restrict oil supply and raise prices on consumers in the long run.
R&I ~KC
LivinInTheUSA
Article URL : https://www.ktvu.com/news/newsom-proposes-windfall-tax-on-oil-companies-to-bring-gas-prices-back-down