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Matt Singer on April 25, 2006 - 11:11am
The California Assembly is moving forward a bill to tax the windfall profits of the oil industry, as gas prices surge past $3 across the country. The proposal, which applies a 2% tax on oil company profits over $10 million, would fund prescription drug assistance. The bill's targets -- oil companies -- are unpopular enough that President Bush is calling for investigations into price gouging in the face of mounting criticism. Frank Russo, with California Progress Report, offers some more information, including what Governor Schwarzenegger is doing about excessive gas prices.