The California Senate passed a bill equipping state authorities to investigate and penalize oil refiners for high gas prices, advancing the anti-price gouging legislative push Gov GavinNewsom initiated in response to the spike in fuel prices last summer.
Newsom has accused refiners operating in the state, including Chevron and Phillips66, of gouging drivers and sought for months to advance legislation that would penalize them after retail fuel prices reached a record high last summer.The bill passed Thursday, which must pass the Democratic-led state Assembly before heading to Newsom's desk, would establish a new watchdog agency within the California Energy Commission designed to keep an eye on oil and fuel markets.
The bill also includes new reporting requirements for refiners and gives the watchdog subpoena power over data and records, and it enables the agency to refer violations of law to the attorney general. “For decades, oil companies have gotten away with ripping off California families while making record profits and hiding their books from public view," Newsom said in a statement Thursday."With this proposal, California leaders are ending the era of oil’s outsized influence and holding them accountable."An initial proposal he promoted with Democratic state Sen.
Some lawmakers, including some Democrats, opposed that version and said they worried the legislation could make gasoline more scarce if refiners exit the state or sell gasoline elsewhere rather than operate under the new limits.Refiners have blamed Newsom, state environmental regulations, and taxes as responsible for driving up the cost of fuel.
President Joe Biden also criticized oil companies and refiners last year for high earnings and called on Congress to pass a windfall profits tax.
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.
Former California Dem leader torches Newsom's bid for federal funding to house homeless: 'Political animal'California Gov. Gavin Newsom, D., reportedly asked the Biden administration for federal assistance to alleviate the state's spiraling homeless crisis.
Read more »
California demons: Does Gavin Newsom really think he can win presidency?California, once a place where people moved to find beauty, prosperity and great weather (earthquakes and fires aside), is rapidly becoming a failed state.
Read more »
Bill to punish oil companies for high gas prices passes in California SenateBILL 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.
Read more »
Newsom’s oil profit penalty passes first testCA spends billions and billions of your money, but it’s not always clear how much difference it makes. Legislative requests for audits have to get the blessing of a joint Assembly-Senate committee, which decided the fate of several proposals Wednesday.
Read more »
Third time possibly the charm for Newsom's campaign to limit oil profitsCommentary: After two false starts, California Gov. Gavin Newsom is trying again to set limits on oil refinery profits and impose penalties for exceeding them.
Read more »
Newsom silent on LA schools strike after 500,000 kids forced to stay home for second dayCalifornia Gov. Gavin Newsom is choosing to remain silent on the Los Angeles school workers strike that's likely to shut 500,000 kids out of the classroom for three full days.
Read more »