California looks to target oil company profits in a special legislative session

California Gov. Gavin Newsom said on Friday that he will call a special session of the state Legislature on Dec. 5, to pass a new tax on oil companies in response to high gas prices. (Rich Pedroncelli/AP)

SACRAMENTO, Calif. — California Gov. Gavin Newsom said Friday he will call a special session of the state Legislature in December to pass a new tax on oil company profits to punish them for what he called "rank price gouging."

Gas prices soared across the nation this summer because of high inflation, Russia's invasion of Ukraine and ongoing disruptions in the global supply chain.