Newly seated California Legislature to face challenge on whether Sacramento should claw back oil industry profits.
Gov. Gavin Newsom on Monday unveiled his plan to punish oil companies for reaping massive profits in California while drivers emptied their wallets at gas stations in recent months.
“California’s price gouging penalty is simple – either Big Oil reins in the profits and prices, or they’ll pay a penalty,” Newsom said on Monday. “Big Oil has been lying and gouging Californians to line their own pockets long enough.”in recent weeks, with fuel costs tumbling below $5 for the first time since March.
Experts backing the oil industry say high profits are necessary to sustain an industry that saw its margins collapse during the COVID-19 pandemic.
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.
California Gov. Newsom pushing for oil company penalties in special sessionCalifornia Gov. Gavin Newsom is convening a special legislative session Monday urging lawmakers to pass a 'price gouging' penalty on oil company profits.
Read more »
Gov. Newsom Calls a Special Session on High Gas PricesGov. Gavin Newsom will look at ways of lowering gas prices during a special legislative session Monday.
Read more »
Furious Newsom set to punish oil producers, give money to driversGov. Newsom has called lawmakers into a special session for the purpose of approving a penalty for oil companies when their profits pass a certain threshold.
Read more »
Newsom proposes measure to crack down on price gouging by oil companiesGov. Gavin Newsom is proposing a crackdown on price gouging by oil companies, by imposing penalties on excessive profits that would be refunded to Californians.
Read more »
Newsom proposes measure to crack down on price gouging by oil companiesGov. Gavin Newsom is proposing a crackdown on price gouging by oil companies, by imposing penalties on excessive profits that would be refunded to Californians.
Read more »
Newsom unveils price-gouging penalty aimed at oil companiesGovernor Gavin Newsom on Monday unveiled a proposed penalty aimed at deterring oil companies from excessive gas price increases as the state legislature gathered for a special session.
Read more »