Pointing to windfall profits reported by California oil refiners to their investors, Consumer Watchdog issued a report showing that a windfall profits tax is needed to bring California gas prices under control and outlining how to structure the tax.

The report reviews the imposition of windfall taxes on the profits of energy companies in Europe, the U.S.’s experience with windfall taxes on oil, federal legislation recently introduced, and recommends how a tax could be structured on the five biggest CA oil refiners in the state.
 

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