October 26, 2022

$2.82 billion this year…$463 million last year.

(ABC) As gas prices were reaching record highs across the country this summer, one big oil company was making major profits. Valero reports that its net income from July to September rose 500% from the same period last year. Governor Newsom says it’s clear proof of “price gouging” that must be stopped.

According to its third-quarter report, Valero made $2.82 billion from July to September. Newsom noted that’s an increase of more than 500% in profit. The oil company made $463 million in the same quarter the year before.

Those profits came amidst record gas prices for consumers during that time period, despite crude oil prices having gone down.

In a statement on Tuesday, Newsom again called for a price-gouging penalty to “put these profits back in the pockets of Californians.”

“Big oil is ripping Californians off, hiking gas prices and making record profits. As Valero jacked up their profits by over 500% in just a year, Californians were paying for it at the pump instead of passing down those savings,” Newsom said in “That’s why we’re taking action to implement a price gouging penalty to put these profits back in the pockets of Californians.”

Other oil companies are expected to release their profit reports in the coming weeks.