Just a week after the legislation was introduced, California lawmakers passed the country's first penalty for price gouging at the pump. Gov. Gavin Newsom is expected to sign the bill.
Senate Energy and Natural Resources Committee member Sen. Bill Cassidy, R-La., slams Biden's budget for targeting fossil fuel subsidies on 'The Big Money Show.'The legislation, passed just a week after it was introduced, would give regulators the ability to punish oil companies for profiting from gas price spikes, and create an independent watchdog within the California Energy Commission.
"When you take on big oil, they usually roll you – that’s exactly what they’ve been doing to consumers for years and years and years," he told reporters after the vote. "The Legislature had the courage, conviction and the backbone to stand up to big oil."has been a major policy priority for the governor, and his office tweeted that the proposal would "root out abuses of market power and shine a light on the inner workings of the oil industry.
Gov. Gavin Newsom speaks to reporters during a visit the Antioch Water Treatment Plant on Aug. 11, 2022, in Antioch, California. The San Francisco-Oakland Bay Bridge rises behind the price board of a gas station in San Francisco on July 20, 2022.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil Companies Could Be Penalized For Price Gouging Under Bill Awaiting Newsom's SignatureCalifornia lawmakers approve bill that could punish oil companies when they make too much money. The bill now heads to Newsom's desk.
Read more »
Hear that $1 billion sucking sound? Texas school vouchers will cost us. (Editorial)Texas Legislature's SB8, pushed by Gov. Abbott and Lt. Gov. Dan Patrick, allows education...
Read more »
California flood victims, local officials plead with Gov. Newsom for help with FEMA aidElected officials and local business owners are pleading for federal aid as California flood victims recover.
Read more »
California looks to spend Medicaid money on housingCalifornia Gov. Gavin Newsom wants to use Medicaid money to pay for housing for some vulnerable people.
Read more »
California looks to spend some Medicaid money on housingCalifornia's governor has proposed spending more than $100 million per year in the state's Medicaid program to pay for up to six months of housing for some vulnerable people.
Read more »
Newsom falls silent after calls for him to take executive action on reparationsCalifornia Gov. Gavin Newsom is staying silent as his state considers giving hundreds of billions of dollars to Black residents in reparations.
Read more »