California may punish oil companies for high gas prices

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The bill highlights the challenges of balancing the competing pressures of protecting consumers at the pump while at the same time pushing policies to end the state’s reliance on fossil fuels

The proposal is in response to sales last summer, when the average price of a gallon of gasoline in California soared to a record high $6.44. Drivers in some places paid as much as $8 per gallon, prompting widespread outrage in an election year., a Democrat seen as a possible presidential candidate beyond 2024, reacted by attacking the oil industry, specifically the five companies that provide 97% of gasoline in the state.

Instead, lawmakers and Newsom settled on a bill that would let the California Energy Commission decide whether to impose civil penalties on oil companies for price gouging. The commission – a five-member panel appointed by the governor with the consent of the Senate – would rely on information from a new state agency that would have the power to monitor the market, including forcing companies to disclose financial information and having the power to subpoena oil executives to testify.

Much of the oil industry’s complaints about the bill have focused on the new, independent state agency lawmakers would create create to investigate the market. Oil companies would be required to disclose massive amounts of data to this agency, giving regulators a better sense of what could be driving price spikes. And, crucially, the agency would have subpoena power to compel oil company executives to testify.

 

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So what you’re saying is California will get more of our money because the oil companies will just pass the cost onto the consumer. So basically another tax for us🤦🏽

Cut California’s outrageous $1.30 per gallon gas tax.

Great. Less gas for you and more for the rest of the country

How do they plan on “pushing policies” while “protecting consumers?”

So fake. It's all from woke democrat policies that cause high gas prices.

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