After soaring California prices, independent watchdog would ensure industry plays by rules, says Sen. Nancy Skinner.
While oil companies were raking it in last year, Californians were paying for it in record high gas prices — $2.61 per gallon higher than the national average.Exxon collected $6.3 million an hour. Chevron last year doubled its 2021 profits and boasted about “outstanding results” in an earnings call. Valero made nearly 10 times more.
But enough talk. It’s time to do something about it — that’s why we’re going to hold them accountable. Our proposal includes a first-of-its-kind independent watchdog that would monitor California’s petroleum market to ensure the industry plays by the rules. The division would have access to new information required by law, subpoena power to compel data and records that would reveal shady practices, and direction to refer violations of law to the state attorney general for prosecution.
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