In a statement on Tuesday, Newsom again called for a price-gouging penalty to "put these profits back in the pockets of Californians."
According to its third-quarter report, Valero made $2.82 billion from July to September. Newsom noted that's an increase of more than 500% in profit. The oil company made $463 million in the same quarter the year before. Those profits came amidst record gas prices for consumers during that time period, despite crude oil prices having gone down.
"Big oil is ripping Californians off, hiking gas prices and making record profits. As Valero jacked up their profits by over 500% in just a year, Californians were paying for it at the pump instead of passing down those savings," Newsom said in "That's why we're taking action to implement a price gouging penalty to put these profits back in the pockets of Californians."Copyright © 2022 KABC Television, LLC. All rights reserved.
I can’t believe how behind the news is on all topics that concerns our well being. What a joke … come on enough games .. food , gas , water , cars , you name it .. up up up
philnurenberg ADD A TAX!!!
Did you ask about his policies on ending gas cars? Everyone should research a list of what products are made from fossil fuels and then think about the fact he is trying to end fossil fuels. Look up ESG. A real leader would partner not vilify.
Funny how the oil companies weren’t so greedy under Trump.
Put the blame anywhere else except where it belongs it’s Russia it’s China everybody but Newson How’s the second bring down the price of gas is not another gimmick
Woke sjw Democrats love it.
Thank you POTUS, JoeBiden and the Democrats for inflation and high prices
How much is the tax surplus up year over year! Valeros profits are only 3% of the states.
Political Actor he is!
Yet it’s only happening in CA…
He mad cus he couldn’t get into the trades
Gasoline should be federal!!!
Gas is basically half the price of California anywhere else in the United States. WTAF?!
It’s all apart of his plan
Why do you people defending corporate greed? They made 500% profit while most Americans are struggling with “inflation”, which they probably created by increasing gas prices in the first place.
But, not angry enough to drop the ridiculous state gas tax! The guy’s grandstanding for the mid-term elections!
Of course we are! Only the most gullible would believe otherwise.
Newsom is the worst governor in the country.
Yes we are.
GavinNewsom STOP THE GAS TAX!!! It alone will save us some money...you know, us hard working people.
For a state that doesn’t allow for refineries to upgrade
Your regulations of gas is what makes it expensive
the white men and women understand one thing, when they get one drug dealer off the street their is ten more on the wait list, what if we take the drug addicts off the street when we catch them with drugs, sit down smoking comfortable on that side walk while every police drive by
Refineries ate the teal crooks and tge government doesn't do anything to stop the price grudging.
We are price gouged by stupid democrats gas tax
Yes, we're being ripped off by corporations.
Newsome…lol… suspend the Cali gas taxes then… oh no.. then shut it Newsome
Gotta vote for this guy
Newsom also has California paying the highest gas taxes in the nation so i love how he blames everyone bit himself
We've been getting gouged for years..newscum doesn't give a sh-t,never has.
Schwarzenegger come back.
You democrats are the reason that the price of gas is high. Just like the blue state of Taxafornia. Both blue states.
always been gouged but i drive a Prius so it aint all bad
Only refinery work is up in Bay Area. Martinez. Conversion to new diesel. We are gouged
Maybe Newsom should tell them again big oil is Greedy and their dirty oil is polluting the world. 🤡
Pre-election BS...the GOP making voters angry.
Yes and republicans voted against price gouging. Vote blue
it has to do with 'supply and demand'.. don't look at their profits as much as how they are controlling the amount of gas is attainable..
Thanks Biden
😡😡😡
The monopoly of gasoline production goes on UNABATED bcz the president is hapless and ineffective as a leader and appears to be asleep at the wheel of our nation’s economic direction 👎🏼👎🏼👎🏼👎🏼
His inflation-boosting bribe will do little to stop the pain at the pump….talk is cheap
Good to expose the gauging while it's still going. Oil companies do what they do because they can. Same for pharma.
we are being Gouged by Sacramento, and Gavin Newsom. STOPTHEGOUGE.
Why are you repeating Newsom’s lies without fact checking? Valero’s profits are in fact not up by 500%
GavinNewsom We are being gouged in every aspect groceries, gas, rent the cost of living keeps going up and our paychecks remain the same
We didn’t vote against price gouging… We voted agains price control… Competition is the only way to bring prices down.. Drill baby drill….. Nice spin though….Typical Democrat.
I wonder why they didn't 'gouge' during the Trump years...
up 500% from when, the bottom of the pandemic when no one went out?
What about that state Gas Tax? Is he furious about that too
Big Oil is raising prices to dictate the consumer who to vote for, it's not a democracy anymore When the rich don't get what they want they make the consumer pay. 🤬
Newsome will get mad, but it will continue to happen because he won’t do a thing
TRUST Me NEWSOM Is Part Of THE PROBLEM !
We ARE being gouged. By GavinNewsom
YEP 👌🏼 NEWSOM ‼️WE HAVE RESOURCES IN CALIFORNIA ‼️‼️‼️🤫🤫🤫😉
Well 💩how much are you taxing us already? 🤌🏾🤌🏾🤌🏾
Yep and Newsom is making money on it as well as others in house .... So so sad ...so much greed ...it is sickening.....
greedflation is an utter disgrace and cancer for the people.
I've been saying this since August. It was an artificial increase so they could gouge us. We need to get off fossil fuels to destroy the oil companies and pay them back for this. They created this mess.
🤣🤣🤣🤣🤣🤣🤣🤣Angry Reaction Right … He’s getting millions from this Oil Companies..
'Are we being gouged'
And not the $1.30 in taxes per gallon.. not surprised
So, you are following in creepy GavinNewsom rhetoric. Are you guys in his pockets? How about you report on the dirty energy we are importing in?
Yes, ABC. Large corporations are price gouging consumers. But consumers are very stupid and blame the wrong people.
This is typical of ABC7! They are part of the Democratic news network! You are part of the problem.
Why would they stop? They have their Republican buddies blaming Biden and Democrats for political gain when they're screwing over the American people!
Yes. Corporations are gouging us to make record profits and also weaken Dems getting elected. Here about to start another year of record buybacks as well. Wake up people
Until we acknowledge and take action against corporate greed, it will only get worse.
100% by the GOP supported oil companies
Murican so easily scammed that's why many of Muricans are not globally smart.
He's angry the donors were exposed
gouged by California's lame tax system where we all get robbed
Yes, we’re being gouged by the state of California.
By politicians
Democrats voted for high gas in California. They just don't have the ability to actual search how much taxes, fees and regulations there are against fuel and refineries.. They have no right to complain.
This has gone on for decades. Does everyone remember higher gas prices during the summer? Refinery improvements/shut downs during the summer? Collusion! The oil industry should be prosecuted, as well as executives should have been prosecuted personally years ago.
No question about it! Greed is everywhere in California! A beautiful state with a growing ugliness!
Republicans voted against price gouging. Not a mention in the article