Gov. Gavin Newsom signed legislation in mid-March to create new oversight of the oil and gas industry.
civil penalty“Now it’s time to choose whether to stand with California families or with Big Oil in our fight to make them play by the rules,” the governor saidThe oil industry has criticized the move, arguing it would make confidential trade information public and result in less investment in California, which may result in increasing prices more. Yet many Democratic lawmakers praised the move as a way to protect California consumers.
Q: Is California’s new oil and gas legislation a good approach to stabilize and bring gas prices under control?Already having the highest gas prices in the nation due to California’s currently existing taxes, regulations and fees, the legislation will do nothing to solve prices. The result of imposing more bureaucratic labyrinth of rules on production and adding financial penalties will result in less investment, less supply, and higher costs to the state.
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