California governor signs bill giving energy commission oversight power on oil companies | CNN Business

. “Why is it that we are paying at peak $2.61 more per gallon of gasoline than the national average?” Newsom said Tuesday. “You should not have had to endure these price spikes, you should not have to endure them in the future. We are going to get under the hood, and we are going to address this issue like no other jurisdiction has in this country.” Last year, Newsom accused oil companies of price gouging California residents even when crude oil prices started to decrease.

“California has sent a clear message to the oil industry – open your books and prove that you’re not price gouging. Otherwise, you, big oil, will pay the price, not consumers,” said California State Sen. Nancy Skinner, one of the sponsors of the law. Ross Allen, a spokesman for Chevron, said in a statement that “Chevron believes California deserves affordable, reliable and ever-cleaner energy.

LMAO. You guys! This is not the way. Now California will have even less power LOL

Zigmanfreud Price controls. Let’s see this turns out

Time to cut Cali off!

The term “price gouging” is political theater. Higher are free market mechanisms to align access to goods with demand for goods. Laws against “price gouging” means taking political/emotional reactions to free market decisions to punish and control the free market.

That won't end well

The same commission that is gutting solar on behalf of energy companies? Big oil will buy them off.

So this is called price fixing and it’s where shortages come from. If you’re running too low on shortages in your state, this is how you solve your problem.

Eisenhower didn't believe in billionaires. That's why he taxed them on extreme wealth. ⭐️The clock is ticking on these wingnuts. We need better leadership. Thanks, Joe & Kamala.. every solution doesn't have to be corporate welfare or cutting taxes for the super wealthy. 🦊📚👈

The state of California is making $0.533 in tax on every gallon of gas sold.

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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.
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‘We Finally Beat Big Oil': Gov. Newsom Signs Law Penalizing Oil Companies for Price GougingNewsom signed a new law that gives state regulators the power to penalize oil companies for making too much money, the first of its kind in the country. It’s the type of legislation the oil industry might have crushed in the past. But on Monday, the bill cleared the state Assembly with only one Democrat voting against it. Good! Only California? I wonder why? Communist Newsom
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