Last year, Governor Newsom signed a law requiring oil companies to disclose costs and profit margins to the California Energy Commission.

Here’s what it shows:

1) TAXES AND FEES MAKE UP 26.59% OF THE COST OF EACH GALLON OF GAS

Between June and December 2023, Californians paid an average of $5.04 for a gallon of gas. Of that cost, $1.34, or nearly 27%, went to government taxes and fees.

2) OIL COMPANIES MADE A 1% PROFIT ON EACH GALLON OF GAS SOLD IN CALIFORNIA

Between June and December 2023, oil companies made an average of $0.05 in profit on each gallon of gas, based on information on the California Energy Commission website. Given the average price of $5.04 per gallon over this period, oil company profit margins were just over 1% on each gallon sold.

3) GOVERNOR NEWSOM AND THE LOS ANGELES TIMES ARE FLASELY BLAMING HIGH FUEL COSTS ON OIL COMPANIES

The data is clear. As many experts and economists have repeatedly pointed out, California’s high taxes and fees, combined with a fundamental lack of production, refining, and retail capacities, create a tight market for refined fuels and drive gas prices higher in the Golden State.