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The cheapest way to lower gas prices is to allow oil companies to increase crude oil production in California and rely less on supply from overseas, Reheis-Boyd said.
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Gov. Gavin Newsom, joined by legislators and community leaders, talks to the media after signing a bill intended to prevent gas price spikes at the state Capitol on Monday.
On average, as of April 2019, state and local taxes and fees add 34.24 cents to gasoline and 35.89 cents to diesel, for a total US volume-weighted average fuel tax of 52.64 cents per gallon for gas and 60.29 cents per gallon for diesel. [3]
The Nickel Project was designed to generate $3.9 billion over a ten-year period to finance 158 transportation projects across Washington. The funding was sourced through: Gas Tax Increase — A 5-cent per gallon increase in the state gasoline tax. Heavy Truck Fees — A 15% increase in gross weight fees for heavy trucks.
The bill could force oil refineries in California to keep fuel reserves.
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Newsom calls on lawmakers to slap a windfall tax on oil companies.