New state law cracks down on oil companies profiting on price spikes

A new state law went into effect Monday that will punish oil companies for profiting from price spikes.

“Gas is just ridiculous! I don’t want to pay $6 a gallon, but I am, almost,” she said.

The new law requires oil refineries to report mountains of new data to the state of California, including when they’re off-line and what their profits are. The California Public Interest Research group says it will make a difference over time.“What the bill does is create better transparency in the gas marketplace sot hat we can hold oil companies accountable for needlessly overcharging Californians and then actually penalize them for excess profits,” said Jenn Engstrom, CALPIRG state director.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

nbcbayarea /  🏆 596. in US

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.

Four new miles of HOV lanes on I-5 to be completed MondayCaltrans officials announced Sunday that the construction of four remaining new miles of carpool lanes on northbound Interstate 5 between Carlsbad and Oceanside will be completed Monday.
Read more »

New York officials announce new e-bike safety measures after deadly Chinatown fireNew York officials announced new e-bike safety measures after a fire at an e-bike repair shop killed four people last week in Chinatown.
Read more »

New York congestion pricing to get federal green light, New Jersey lawmakers sayHistorically, New York and New Jersey are codependent states that don’t hesitate to fight over things like land, water rights or authority.
Read more »

New Lenox carjacking: 2 Chicago residents arrested, new details releasedA Chicago man and teenager have been arrested in connection to a violent carjacking in New Lenox last week.
Read more »

Monday's storms cause delays, cancelations at airports across Tri-State AreaUPDATE: According to FlightAware, as of 11 p.m., Newark Liberty International Airport had around 900 combined cancelations and delays, LaGuardia Airport had about 800, and John F. Kennedy International Airport had close to 750. AliBaumanTV reports.
Read more »