The proposed bill hopes to stop customer gouging by requiring oil companies to disclose information about pricing to state regulators.
California lawmakers on Monday approved the nation’s first penalty for price gouging at the pump, voting to give regulators the power to punish oil companies for profiting from the type of gas price spikes that plagued the nation’s most populous state last summer.SACRAMENTO, Calif.
Instead, Newsom and lawmakers agreed to let the California Energy Commission decide whether to penalize oil companies for price gouging. But the crux of the bill isn’t a potential penalty. Instead, it’s the reams of new information oil companies would be required to disclose to state regulators about their pricing.
California’s gas prices are always higher than the rest of the country because of the state’s taxes and regulations. California has the second-highest gas tax in the country at 54 cents per gallon. And it requires a special blend of gasoline that is better for the environment but more expensive to produce.
“There’s truly no other explanation for these historically high prices other than greed,” said Assemblymember Pilar Schiavo, a Democrat from Chatsworth. “The problem is we don’t have the information that we need to prove this, and we don’t have the ability to penalize the kind of historic price gouging we saw last year.”The oil industry recorded massive profits last year, following years of huge losses during the pandemic when more people stayed home and fewer people were on the road.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'Big concern': Unusual mosquito season may be coming to CaliforniaIt's that time of year: Mosquitoes are back.
Read more »
California bill aims to ban sale of candies containing ingredients that may cause health issuesSome chemicals linked to health issues have been banned in food products in the European Union, while the United States has allowed use at levels determined safe. A bill recently introduced in the California State Assembly could start to change that.
Read more »
S&P 500 Nears 3-Week High As Bank-Fueled Market Anxiety CalmsStocks gained yet again Monday as badly bleeding bank stocks bounced back and major indexes continued to recover their March losses.
Read more »
Walking Dead: Dead City Release Date Finally Revealed (& It's Soon)Maggie and Negan are ready for their desperate mission to zombie-infested Manhattan as The Walking Dead: Dead City finally reveals its premiere date.
Read more »
Local Opinion: Book-purging fever needs to break soonOPINION: 'With communists in short supply, these culture warriors conjured new bogeymen, such as critical race theory and 'wokeism,' targeting America’s youth,' writes Michael Schaller, regents professor emeritus of history at the UA.
Read more »
Masters of the Universe Horde Grizzlor Arriving Soon from MattelMasters of the Universe fans have received quite a remarkable gift as new collectibles are arriving from Mattel throughout 2023
Read more »