I’ve been dreading getting into my creaking 2010 Camry lately when it needs a fill-up. Prices in Orange County and across the state are soaring toward $7 a gallon.
As of the morning of Oct. 11, GasBuddy.com pegs California’s average price at $6.29 a gallon. Orange County is a little lower, at $6.27.
But the worst “solution” would be for the California Legislature to impose a “windfall profits tax” on the oil companies, supposedly because they’re “gouging” drivers.
“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 Gov. Gavin Newsom in a recent statement. “We’re not going to stand by while greedy oil companies fleece Californians. Instead, I’m calling for a windfall tax to ensure excess oil profits go back to help millions of Californians who are getting ripped off.”
His office explained “these recouped windfall profits will then be directed to rebates/refunds to California taxpayers impacted by high gas prices.” The Legislature would have to decide how that’s done. But it might be something like the checks being sent to Californians from the $100 billion budget surplus, up to $1,050 a family.