Becker Applauds Governor’s Proclamation Calling Special Session On Record High Oil Company Profits & Gas Prices
(Sacramento) – “People are sick and tired of being ripped off at the pump and seeing their money go to fatten the oil companies’ bottom lines.”
That’s how Senator Josh Becker (D-Menlo Park), Chairman of the Senate Subcommittee on Clean Energy Future reacted to Governor Newsom’s formal proclamation issued today calling a special legislative session to discuss the oil industry’s actions that led to California’s sky high gas prices this summer and review a proposal he intends to release in January.
“Turning a profit is one thing, but what we’ve seen at California’s gas pumps this year has been obscene,” continued Becker. “To see oil companies raking in billions of dollars in record-breaking profits at a time of high inflation and gas prices that topped $7 at times is unconscionable. This has to end and I’m hopeful through this special session, we’ll be able require the oil companies to return to Californians the billions of dollars they’ve drained from drivers’ wallets this year.”
An October report from Consumer Watchdog found the top five refining companies (Chevron, Marathon Petroleum, PBF Energy, Phillips 66 and Valero), which own and control 97% of the refining capacity in California, saw their per gallon profit margins soar by 3-10 times between April and June of this year when compared to the same period in 2021.
The Legislature opens its 2023-24 session on December 5, 2022, at which time the special legislative session called by the Governor is expected to convene. The session will likely adjourn that same week for the holidays and reconvene in January.
First elected in 2020, Senator Becker represents the 13th Senate District covering portions of of Santa Clara and San Mateo counties and includes the cities of Menlo Park, Mountain View, Palo Alto, Redwood City, San Bruno, San Mateo, Santa Clara, South San Francisco, and Sunnyvale.
PRESS CONTACT: Evan Goldberg at evan.goldberg@sen.ca.gov
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