BILL TO PUNISH OIL COMPANIES A first-in-the-nation bill to punish oil companies for profiting from highgasprices breezed through the California Senate at the urging of Gov. Gavin Newsom, the first major vote in an effort to pass the law by month's end.
SACRAMENTO -- A first-in-the-nation bill to punish oil companies for profiting from price spikes at the pump breezed through the California Senate on Thursday at the urging of Democratic Gov. Gavin Newsom, the first major vote in an effort to pass the law by month's end.
That idea went nowhere in the legislature, as lawmakers feared it would create chaos in the petroleum market and cause companies to make less gasoline, thus increasing prices. "It is our role to protect our residents from any practices of any business that may harm them," said state Sen. Nancy Skinner, a Democrat from Berkeley and the author of the bill.
California's gasoline prices are already higher than most other states because of taxes, fees and environmental regulations. California's gas tax is the second-highest in the country at 54 cents per gallon. And the state requires oil companies make a special blend of gasoline to sell in California that is better for the environment but is more expensive to produce.
Much of the oil industry's complaints about the bill have focused on the new, independent state agency lawmakers would create to investigate the market. Oil companies would be required to disclose massive amounts of data to this agency, giving regulators a better sense of what could be driving price spikes. And, crucially, the agency would have subpoena power to compel oil company executives to testify.
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