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

  • 📰 nbcbayarea
  • ⏱ Reading Time:
  • 26 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 51%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

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:

 /  🏆 596. in İE
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Ireland Ireland Latest News, Ireland Ireland Headlines