Chevron, Shell, Exxon Mobil and other oil companies made more money than ever in 2022, showing just how massive a windfall they reaped as surging gas prices made it a struggle for drivers to afford filling up.
The billions in record profits they posted this week bolster the appeal of California Gov. Gavin Newsom’s effort to curb oil industry price gouging. Under a proposal he released late last year, the state would set a cap on oil refinery profit margins, penalizing excess profits and returning a percentage of it to consumers.
Such measures could rein in oil industry greed and save Californians money. Unfortunately, Newsom and the Legislature seem to have made little progress two months after convening a special session to focus on it.
