Today, Accountable.US released the following statement in response to California Governor Gavin Newsom’s call to the State Assembly to institute a penalty on Big Oil companies for their historically high profits. The call to action is an effort to discourage Big Oil from price-gouging consumers after the country’s largest oil companies raked in over $343 billion in profit after the first three quarters of this year.
As expected, industry front groups have already come out in opposition to the proposed cap on profits and threatened to pass the cost on to already overburdened consumers who have served under the industry’s sustained price gouging for the better part of a year.
It's no surprise Big Oil and their front groups have already come out in opposition to Governor Newsom’s proposed plan to cap their historic profits. Big Oil executives want free range to ruthlessly price gouge consumers so they can inflate their profits and give billions of dollars to their already wealthy shareholders - all at the expense of hard-working consumers. If we ever hope to stop Big Oil’s blatant price gouging, our elected leaders must hold the industry accountable.”