SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
5
#000000
#FFFFFF
Fridays for Future climate activists hold up a banner reading "People Not Profit" during a global climate strike on September 23, 2022 in Vienna, Austria. Similar marches took place in cities across the globe with participants demanding an end to fossil fuel consumption. (Photo by Thomas Kronsteiner/Getty Images)
California Gov. Newsom Proposes Windfall Profits Tax on Big Oil
Calls for windfall profits taxes have increased globally in recent weeks
Oct 01, 2022
California Gov. Gavin Newsom called Friday for a windfall profits tax on oil companies that would go directly back to California residents.
While crude oil prices are down nationally, big oil companies have increased gas prices in California by a record 84 cents per gallon in just the last 10 days.
"Crude oil prices are down but oil and gas companies have jacked up prices at the pump in California. This doesn't add up," said Newsom. "I'm calling for a windfall tax to ensure excess oil profits go back to help millions of Californians who are getting ripped off."
\u201cYES! California, the 5th largest economy in the world, is calling for a Big Oil windfall profits tax. This is a clear signal to Biden and Democrats to make this a national priority. Let\u2019s get this done.\u201d— Jamie Henn (@Jamie Henn) 1664572463
California lawmakers are not due back in session until January 2023, which would be the earliest Californians could see any movement on this.
\u201cGovernor @GavinNewsom is right: greedy oil companies are fleecing Californians. While families struggle to pay at the pump, Big Oil is reaping record profits. My bill to hold these corporations accountable passed the House, but the Senate won't act. I'm proud California will.\u201d— Katie Porter (@Katie Porter) 1664574952
Calls for windfall profits taxes have increased globally in recent weeks.
On Friday, the European Union agreed to impose a new windfall profits tax on fossil fuel companies reaping massive profits from the high price of oil and natural gas.
And on September 20th, in his opening remarks to the UN General Assembly, UN Secretary-General Antonio Guterres called on "all developed economies" to tax fossil fuel companies to help those suffering from the climate and cost-of-living crises.
Guterres' windfall tax proposal would direct those funds: "to countries suffering loss and damage caused by the climate crisis; and to people struggling with rising food and energy prices."
Guterres accused oil and gas giants of "feasting on a whole bunch of billions of {dollars} in subsidies and windfall profits whereas family budgets shrink and our planet burns."
Also last week, a report authored by world-renowned economists and advocates called on governments to enact windfall profit taxes and other "emergency" measures to avert a global recession.
The United Kingdom, meanwhile, approved a 25% windfall tax on oil and gas firms in May--but new right-wing Prime Minister Liz Truss has made clear she opposes windfall taxes and won't support any new ones.
\u201cUK isolated as EU agrees \u20ac140 billion windfall tax on energy firms to reduce bills & ease the cost of living crisis\n\nMeanwhile Liz Truss is letting UK energy companies make staggering profits to reward bosses & shareholders at the expense of consumers! https://t.co/f36GOm9Gkp\u201d— Peter Tatchell (@Peter Tatchell) 1664629260
Join Us: News for people demanding a better world
Common Dreams is powered by optimists who believe in the power of informed and engaged citizens to ignite and enact change to make the world a better place. We're hundreds of thousands strong, but every single supporter makes the difference. Your contribution supports this bold media model—free, independent, and dedicated to reporting the facts every day. Stand with us in the fight for economic equality, social justice, human rights, and a more sustainable future. As a people-powered nonprofit news outlet, we cover the issues the corporate media never will. |
Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.
California Gov. Gavin Newsom called Friday for a windfall profits tax on oil companies that would go directly back to California residents.
While crude oil prices are down nationally, big oil companies have increased gas prices in California by a record 84 cents per gallon in just the last 10 days.
"Crude oil prices are down but oil and gas companies have jacked up prices at the pump in California. This doesn't add up," said Newsom. "I'm calling for a windfall tax to ensure excess oil profits go back to help millions of Californians who are getting ripped off."
\u201cYES! California, the 5th largest economy in the world, is calling for a Big Oil windfall profits tax. This is a clear signal to Biden and Democrats to make this a national priority. Let\u2019s get this done.\u201d— Jamie Henn (@Jamie Henn) 1664572463
California lawmakers are not due back in session until January 2023, which would be the earliest Californians could see any movement on this.
\u201cGovernor @GavinNewsom is right: greedy oil companies are fleecing Californians. While families struggle to pay at the pump, Big Oil is reaping record profits. My bill to hold these corporations accountable passed the House, but the Senate won't act. I'm proud California will.\u201d— Katie Porter (@Katie Porter) 1664574952
Calls for windfall profits taxes have increased globally in recent weeks.
On Friday, the European Union agreed to impose a new windfall profits tax on fossil fuel companies reaping massive profits from the high price of oil and natural gas.
And on September 20th, in his opening remarks to the UN General Assembly, UN Secretary-General Antonio Guterres called on "all developed economies" to tax fossil fuel companies to help those suffering from the climate and cost-of-living crises.
Guterres' windfall tax proposal would direct those funds: "to countries suffering loss and damage caused by the climate crisis; and to people struggling with rising food and energy prices."
Guterres accused oil and gas giants of "feasting on a whole bunch of billions of {dollars} in subsidies and windfall profits whereas family budgets shrink and our planet burns."
Also last week, a report authored by world-renowned economists and advocates called on governments to enact windfall profit taxes and other "emergency" measures to avert a global recession.
The United Kingdom, meanwhile, approved a 25% windfall tax on oil and gas firms in May--but new right-wing Prime Minister Liz Truss has made clear she opposes windfall taxes and won't support any new ones.
\u201cUK isolated as EU agrees \u20ac140 billion windfall tax on energy firms to reduce bills & ease the cost of living crisis\n\nMeanwhile Liz Truss is letting UK energy companies make staggering profits to reward bosses & shareholders at the expense of consumers! https://t.co/f36GOm9Gkp\u201d— Peter Tatchell (@Peter Tatchell) 1664629260
California Gov. Gavin Newsom called Friday for a windfall profits tax on oil companies that would go directly back to California residents.
While crude oil prices are down nationally, big oil companies have increased gas prices in California by a record 84 cents per gallon in just the last 10 days.
"Crude oil prices are down but oil and gas companies have jacked up prices at the pump in California. This doesn't add up," said Newsom. "I'm calling for a windfall tax to ensure excess oil profits go back to help millions of Californians who are getting ripped off."
\u201cYES! California, the 5th largest economy in the world, is calling for a Big Oil windfall profits tax. This is a clear signal to Biden and Democrats to make this a national priority. Let\u2019s get this done.\u201d— Jamie Henn (@Jamie Henn) 1664572463
California lawmakers are not due back in session until January 2023, which would be the earliest Californians could see any movement on this.
\u201cGovernor @GavinNewsom is right: greedy oil companies are fleecing Californians. While families struggle to pay at the pump, Big Oil is reaping record profits. My bill to hold these corporations accountable passed the House, but the Senate won't act. I'm proud California will.\u201d— Katie Porter (@Katie Porter) 1664574952
Calls for windfall profits taxes have increased globally in recent weeks.
On Friday, the European Union agreed to impose a new windfall profits tax on fossil fuel companies reaping massive profits from the high price of oil and natural gas.
And on September 20th, in his opening remarks to the UN General Assembly, UN Secretary-General Antonio Guterres called on "all developed economies" to tax fossil fuel companies to help those suffering from the climate and cost-of-living crises.
Guterres' windfall tax proposal would direct those funds: "to countries suffering loss and damage caused by the climate crisis; and to people struggling with rising food and energy prices."
Guterres accused oil and gas giants of "feasting on a whole bunch of billions of {dollars} in subsidies and windfall profits whereas family budgets shrink and our planet burns."
Also last week, a report authored by world-renowned economists and advocates called on governments to enact windfall profit taxes and other "emergency" measures to avert a global recession.
The United Kingdom, meanwhile, approved a 25% windfall tax on oil and gas firms in May--but new right-wing Prime Minister Liz Truss has made clear she opposes windfall taxes and won't support any new ones.
\u201cUK isolated as EU agrees \u20ac140 billion windfall tax on energy firms to reduce bills & ease the cost of living crisis\n\nMeanwhile Liz Truss is letting UK energy companies make staggering profits to reward bosses & shareholders at the expense of consumers! https://t.co/f36GOm9Gkp\u201d— Peter Tatchell (@Peter Tatchell) 1664629260
We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.