Newsom Blames California's High Gas Prices On Big Oil; Experts Quickly Disagree!!

Recent comments made by Democratic California Governor Gavin Newsom, who has blamed "greedy oil firms" for the state's high gas prices, have drawn harsh criticism from economists and oil market specialists. Newsom tweeted on Monday that gas costs are increasing as oil firms are making record profits. "It just doesn't make sense. The oil industry's price gouging at the pump must end."Show more

Newsom has been making this case for weeks, most recently saying in a video message released by his office at the end of last month that he would back a new windfall tax on oil firms to punish "oil corporate extortion." The state legislature is unlikely to submit a bill to change the tax system in this way for several more months.