California lawmakers approve bill that could punish oil companies when they make too much money. The bill now heads to Newsom's desk.
A California bill to penalize oil companies for price gouging at the pump has gotten the green light from lawmakers and is now heading to Gov. Gavin Newsom's desk.
The bill is the result of a special legislative session called by Newsom to address oil company profiteering and high gas prices, which peaked at an average of nearly $6.50 last year. When prices spiked, so did oil company profits.What will the bill do? would authorize the California Energy Commission to determine a penalty for oil companies that make excessive profits and to create a watchdog group to monitor the oil market. The commission is appointed by the governor."We’re going to hold Big Oil accountable for ripping off Californians at the pump," Newsom said in a statement on the bill.
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