California lawmakers will hold a special public hearing Feb. 22 to consider Gov. Gavin Newsom’s plan to impose a windfall tax on oil companies.
The proposal would place mandatory caps on oil refinery profits and add industry regulations and oversight, according to the governor.
The state Senate committee meeting comes months after Newsom first started accusing larger oil companies of price gouging and proposing the tax last year as gas prices skyrocketed at the pump, reaching $6.44 in June and $6.42 in October on average.
“Let’s be clear: Big Oil has been screwing us,” Newsom said during a five-minute video posted Jan. 26….