Opinion: Why is Gavin Newsom price gouging Californians?
Citizens of the Golden State deserve to know the facts and judge for themselves whether the local “Big Oil” racket truly is a ruthless gouger syndicate or not. Some key data points explored below can help in this regard.
It seems worth noting that according to estimates by IBIS World, a global market research company, local gas stations make a measly net margin of about 1.4% on fuel sales, which amounts to approximately 6¢ a gallon at today’s average price. To put this in perspective, that means when you pull your Rav4 into a local gas station running on empty and fill up, the gas station nets a whopping 87¢.
Meanwhile, in Sacramento, Newsom is building on years of repeatedly implementing anti-consumer policies such as the Cap-and-Trade Program and the Low Carbon Fuel Standard, which are projected to add upwards of $2.10 a gallon to gasoline and diesel production costs by 2030. Under the Newsom administration, Californians have seen a 40% tax hike on gas to 57.9¢ a gallon — that’s $8.40 in tax when you gas up that Rav4.
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