California Democrats pass bill to limit oil company profits and penalize price gouging.
TL;DR Summary
California Governor Gavin Newsom's proposal to prevent gas price spikes in the state has passed in the Assembly. The legislation will require oil market participants to submit data to a new division within the California Energy Commission that will decide whether to cap and penalize oil refiners' profits. The bill evolved into a targeted approach to analyze complex oil industry pricing and enable penalties if the new division determines that penalties would protect consumers. The bill adds transparency to the oil market and requires the Energy Commission to justify any penalty.
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- California lawmakers approve Newsom's bill that would punish oil refiners when they make too much money KCRA Sacramento
- Landmark law lets California fine oil companies over price gouging at the pump The Guardian US
- California lawmakers approve Newsom's oil bill. Here's what you need to know Los Angeles Times
- California Lawmakers Pass Bill to Limit Oil Company Profits Yahoo Finance
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