Newsom renews call for price-gouging penalty, taking aim at Valero's profits amid high gas prices

Gov. Gavin Newsom is continuing his battle with the oil industry, this time taking aim at Valero Energy Corp. and its rising profits this year as gasoline prices soared for California drivers.

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

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.

"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.