Newsom calls for tax on oil profits as fuel prices spike
SAN DIEGO (KUSI) – Gas prices rose by a record 84 cents in just ten days in the month of October.
Gov. Gavin Newsom has recently suggested a raise in taxes on gas sales, meaning corporations would be taxed on their profits. While this isn’t meant to hurt the pocket of the consumer, corporations may adjust by raising prices even further.
Assemblyman Vince Fong of the 34th Assembly District joined KUSI’s Logan Byrnes to discuss how the new tax will affect the market.
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texasstandard.news contributed to this report.