‘We Finally Beat Big Oil': Gov. Newsom Signs Law Penalizing Oil Companies for Price Gouging

Newsom signed a new law that gives state regulators the power to penalize oil companies for making too much moneyIt was just a few weeks ago that California Gov. Gavin Newsom called the oil industry the second most powerful force on earth, trailing only Mother Nature in its ability to bend the elements — both physical and political — to its will.

The bill is the latest in a string of defeats for the oil industry in California, a state many don't think of as a fossil fuel powerhouse. But for decades, California was one of the leading oil producers in the United States with a bustling industry that was a key part of the state's economy. The state is now the nation's seventh-largest oil producer, according to federal data.Sign up for NBC Bay Area’s Housing Deconstructed newsletter.

California voted to raise the taxes on gas, yall can't help your self

What is next taxing more greedy oil companies, leave them alone! Doesn’t Newsom know that increasing taxes on oil companies will literally melt Americans?! Putting together a gofundme for the rich oil companies if anyone is interested! 🥹👍🏼

But yet gas is still over 5$ a gal hmmmmmm

Yes, 'We Finally Beat Big Oil' like Biden 'beat big pharma'.

He just sunk his run for PRESIDENCY

This is a capitalist country, how is this legal?

Guess that's one way to accelerate the uptake of electric vehicles.

Thats socialism. Can he stop government from taxing too much money?

Communist Newsom

Only California? I wonder why?

Good!

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Oil Companies Could Be Penalized For Price Gouging Under Bill Awaiting Newsom's SignatureCalifornia lawmakers approve bill that could punish oil companies when they make too much money. The bill now heads to Newsom's desk.
Source: LAist - 🏆 606. / 51 Read more »

California lawmakers OK Newsom plan that could someday cap oil industry profitsThe California Assembly handed Gov. Gavin Newsom a long-awaited win on Monday, approving his revised proposal to punish alleged price gouging by oil companies and sending the measure to his desk for a signature. California is crumbling under the horrific 'leadership' of Newsom and decades of DEM super control but let's talk about beetles! Republican Assemblyman Bill Essayli blocks constituent comments on his Facebook page. Assemblyman Bill Essayli calls this a tax and then blocks constituents who disagree with him or try to engage discussion on his Facebook page.
Source: CalMatters - 🏆 261. / 63 Read more »