California May Punish Oil Companies for High Gas Prices

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.

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. California’s climate strategy — which includes banning the sale of most new gas-powered cars by 2035 — would reduce demand for gasoline by 94% by 2045.

Republicans on Thursday tried to force a vote on a separate bill that would suspend the state's gas tax and some gas-related regulations for one year. But Democrats voted not to bring the bill up for debate. Kevin Slagle, spokesperson for the Western States Petroleum Association, said oil companies would have to report data on 15,000 transactions per day, what he called “a ridiculous level of reporting” that would drive up costs. He said the real problem with California’s gas prices are state laws and regulations that hinder the supply of fuel. He criticized Newsom and lawmakers for rushing the bill through the Legislature with little input from the oil industry.

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price gouging, i am fully against, however in America we allegedly have free enterprise. i'm not sure how to accomplish this without stepping on constitutional rights. any other suggestions?

let's see how that's gonna work out for our fearless Governor GavinNewsom

We pay the highest gas taxes in the country. That’s the fault of California Democrats.

Thank God! It was cheaper for me to buy a plane ticket across the country than fill up a tank of gas last year 🤦🏻‍♀️

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Bill to punish oil companies for high gas prices passes in California SenateBILL TO PUNISH OIL COMPANIES A first-in-the-nation bill to punish oil companies for profiting from highgasprices breezed through the California Senate at the urging of Gov. Gavin Newsom, the first major vote in an effort to pass the law by month's end. Why not punish Biden and our own California gas taxes? These are Russian tactics. Punish profit? But 40% of the price is from taxation. Haha clown state
Source: KPIXtv - 🏆 443. / 53 Read more »