So, the third time was the charm for Gov. Gavin Newsom’s crusade to punish oil companies for what he described as price-gouging – sort of.
Finally – and almost in desperation – Newsom cut a deal that would dump the whole issue onto the California Energy Commission to gather data about refinery operations, establish a reasonable profit allowance and assess penalties for exceeding it. “Nothing is going to happen in the short term,” Newsom acknowledged. “Gas prices are not going to drop immediately.”
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