In battle with Big Oil, Newsom rips into Valero’s 500% rise in profit amid soaring gas prices

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Gov. Gavin Newsom on Tuesday took aim at Valero Energy Corp.’s “record profits” this year as gasoline prices soared, escalating his battle with the powerful oil industry.

In a statement, Newsom renewed his call for a price-gouging penalty “to put these profits back in the pockets of Californians.”

Valero’s third-quarter financial report showed that the San Antonio company made $2.82 billion from July to September, Newsom noted, up more than 500% from its reported earnings of $463 million in the same quarter last year.

“These profits came amidst a record gas price hike on consumers during that time period, despite crude oil prices having gone down,” Newsom said.

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