Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.
Gov. Gavin Newsom (D-CA) on Wednesday slammed President Donald Trump‘s Energy Secretary Chris Wright over rising gas prices affecting Americans amid the war with Iran.
Newsom Calls Chris Wright ‘Big Oil Shill’
In a post on X, Newsom’s official Press Office handle delivered sharp criticism of Wright, who was asked why the U.S. was grappling with high fuel costs despite domestic production capabilities. Wright responded by saying that oil is “a global market,” while also saying that prices in the U.S. were lower compared to Europe and Asia.
“After falsely railing for weeks that gas prices will go down if California just drills more in the ocean,” the Press Office’s post said, “Big Oil Shill Wright accidentally admitted the truth: “It’s a global market”,” the post added.
Don’t Miss:
The post then urged Wright to “talk to his boss” about stabilizing gas prices by ending the Iran war. “We hear that could bring prices down!” the post said.
WHOOPS. After falsely railing for weeks that gas prices will go down if California just drills more in the ocean, Big Oil Shill Wright accidentally admitted the truth: “It’s a global market”
Perhaps he should talk to his boss about stabilizing it by ending the Iran war — we hear… https://t.co/Tk006VnX5H
— Governor Newsom Press Office (@GovPressOffice) June 3, 2026
Sable Offshore Pipeline
The Newsom administration had earlier slammed Trump’s decision to reopen the Sable Offshore Corp pipeline, which, according to the Governor, would put communities as well as California’s $51 billion coastal economy at risk.
Trending: Avoid the #1 Investing Mistake: How Your ‘Safe’ Holdings Could Be Costing You Big Time
The pipeline will reportedly supply oil to Chevron. Notably, it was shut down after a 2015 oil spill from the pipeline caused significant damage.
California Gas Prices Surge
On Tuesday, the Newsom administration defended against rising gas prices in California as reports emerged of the state increasing the excise tax on a gallon of gas to $0.634.
The administration said that the rise in taxes was already voted on by residents of the state in 2018, before Newsom took office and that the tax rise was to adjust for inflation.
See Also: Skip the Regrets: The Essential Retirement Tips Experts Wish Everyone Knew Earlier.
Meanwhile, New York State Attorney General Letitia James, alongside AGs of six other states, sued the Trump administration for a deal with TotalEnergies SE that saw the company abandon clean energy projects in favor of investments in oil and gas.
Gas Prices In The US
Gas prices further fell as the national average price for a gallon on Wednesday was $4.261, according to the American Automobile Association (AAA). Prices in California also fell below the $6/gallon mark following weeks of high costs, with the average price in the state at $5.993/gallon on Wednesday.
Photo courtesy: Shutterstock
Read Next: Think you’re saving enough for your kids? You might be dangerously off — see why
Building Wealth Across More Than Just the Market
Building a resilient portfolio means thinking beyond a single asset or market trend. Economic cycles shift, sectors rise and fall, and no one investment performs well in every environment. That’s why many investors look to diversify with platforms that provide access to real estate, fixed-income opportunities, precious metals, and even self-directed retirement accounts. By spreading exposure across multiple asset classes, it becomes easier to manage risk, capture steady returns, and create long-term wealth that isn’t tied to the fortunes of just one company or industry.
Arrived
Backed by Jeff Bezos, Arrived Homes makes real estate investing accessible with a low barrier to entry. Investors can buy fractional shares of single-family rentals and vacation homes starting with as little as $100. This allows everyday investors to diversify into real estate, collect rental income, and build long-term wealth without needing to manage properties directly.
Vinovest
Fine wine and rare whiskey have historically moved independently of the stock market, making them a compelling alternative asset. Vinovest manages authenticated, insured portfolios of investment-grade wine and whiskey starting at $5,000 — sourcing, storage, and insurance all handled for you.
FarmTogether
Farmland has historically held its value through market volatility and delivered returns uncorrelated to stocks and bonds. For accredited investors, FarmTogether offers direct access to high-quality U.S. farmland starting at $15,000 — fully managed, with no landlord headaches.
EquityMultiple
For accredited investors looking beyond stocks and bonds, EquityMultiple provides access to vetted commercial real estate deals starting at $5,000, with only ~5% of opportunities passing their due diligence process.
Bitcoin IRA
For investors who want crypto exposure with tax advantages, Bitcoin IRA allows you to trade 60+ cryptocurrencies inside a self-directed IRA or roll over an existing 401(k), with 24/7 trading and institutional cold storage. Minimum $3,000 to start. Crypto investing involves substantial risk of loss and early withdrawal penalties apply.
© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.