California approves law to fine oil companies for price gouging at the pump.

California lawmakers have passed a landmark law that allows regulators to fine oil companies for price gouging at the pump, making it the first penalty of its kind in the US. The bill requires oil companies to disclose information about their pricing to state regulators, who will monitor and investigate the petroleum market and decide whether to impose a penalty on oil company profits and how much that penalty should be. The law is expected to be signed by Governor Gavin Newsom, who has made taking on the oil industry a major policy priority.