Gov. Newsom slams Valero’s profits from record fuel prices

By Gerson Freitas Jr. | Bloomberg

California Gov. Gavin Newsom slammed Valero Corp.’s latest blowout profits, accusing the company of jacking up profits while ripping off consumers.

“Big Oil is ripping Californians off, hiking gas prices and making record profits,” Newsom said in a statement Tuesday. “As Valero jacked up their profits by over 500% in just a year, Californians were paying for it at the pump.”

Newsom has railed against oil company profits as California gasoline prices topped $6 a gallon earlier this year, the highest in the nation. The governor has called a special session of the state legislature for December to pass a new tax, which he

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