Newsom Accuses ‘Big Oil’ of Making $33 Billion in Profit in 3 Months

After gas prices spiked starting in August and peaked in late September, oil companies profited more than $33 billion in just three months, according to Gov. Gavin Newsom, who suggested the companies could be doing more to help ease the pain for drivers.

“Big Oil hiked prices at the pump and took in huge profits,” Mr. Newsom said in a press release Nov. 8. “Instead of passing down savings to consumers, they sent billions to shareholders and Wall Street.”
With gas prices rising from early July, continuing to climb through the summer, and peaking at an average of $6.08 per gallon across the state on Sept. 27, profits jumped industry-wide, according to the press release.