Op-ed: Gov. Newsom’s gas plan would hold Big Oil accountable

Exxon collected $6.3 million an hour. Chevron last year doubled its 2021 profits and boasted about “outstanding results” in an earnings call. Valero made nearly 10 times more.

While oil companies were raking it in, Californians were paying for it in record high gas prices — $2.61 per gallon higher than the national average. We were charged those sky-high prices even though the cost of crude oil was down and there were no changes to state taxes, fees or regulations. While we all know that gas has always cost a bit more here than in other states, it’s never been by that much.

In 2022 alone, oil companies hauled in more than $200 billion in profits. If you or I made $98 million a year for 2,000 years, we still wouldn’t make as much as oil companies did last year.

The out-of-control gas prices in California stretched household budgets to the max and forced countless families to choose between things such as putting food on the table or going to the doctor. High fuel costs also inflicted widespread harm throughout our economy and worsened the impacts of inflation. Increased transportation costs to our businesses contributed to inflated food prices, for example, and to higher costs for a wide range of other goods and services in our state.

But enough talk. It’s time to do something about it — that’s why we’re going to hold them accountable.

For the full op-ed, click here.