Newsom, a Democrat, called lawmakers into a rare special session in December to pass what could be the nation's first penalty on oil company profits. The proposal, which would broadly apply a fee to oil company profits in excess of a certain amount, will get its first public hearing Wednesday in the state Senate. Consumer Watchdog wants that threshold to anytime oil company profits exceed 50 cents per gallon. But that calculation isn't perfect, because it doesn't include oil company operational costs, Court, the group's president, said. In the last 20 years, the big five oil refiners have average profits of 32 cents per gallon, Court said.
Continue reading...
