California Gov. Gavin Newsom's ultimatum is intended to counter the pressure oil interests are putting on lawmakers to reject his proposal that could require petroleum refiners to maintain a stable inventory.
Gov. Gavin Newsom threatened to call a special session this fall as lawmakers wobbled on a package of energy bills that he wants to pass this week before the Legislature adjourns for the year, according to sources involved in the negotiations at the Capitol. The governor delivered the last-minute ultimatum in private discussions with Assembly Speaker Robert Rivas and Senate President Pro Tem Mike McGuire this week.
Lawmakers were ultimately reluctant to adopt a penalty in the last special session and Newsom refined his request to instead demand more transparency from the industry. Instead of enacting a cap and penalty on oil refinery profits, Newsom and lawmakers gave state regulators the ability to do so in the future. Consumer advocates and the governor celebrated the resulting law as a groundbreaking tool that could keep gas prices from escalating.
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