A California bill to penalize oil companies for price gouging at the pump has gotten the green light from lawmakers and is now heading to Gov. Gavin Newsom's desk.
The bill is the result of a special legislative session called by Newsom to address oil company profiteering and high gas prices, which peaked at an average of nearly $6.50 last year. When prices spiked, so did oil company profits.What will the bill do? would authorize the California Energy Commission to determine a penalty for oil companies that make excessive profits and to create a watchdog group to monitor the oil market. The commission is appointed by the governor."We’re going to hold Big Oil accountable for ripping off Californians at the pump," Newsom said in a statement on the bill.
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House Dem pushes legislation against big oil 'profiteering' after investing in major oil companiesDemocratic Rep. Daniel Goldman is pushing legislation against big oil 'profiteering' but reported investments in the same oil companies he's targeting. “'At this price, single filers would receive an estimated $260 each year and joint filers $390.' In other news all retirement funds including personal 401K’s will lose $1,000 per year. Will there be a reach back to extract the dividends and profits this guy collected? How about Insider trading by Speaker Pelosi?
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California May Soon Fine Oil Companies For High Gas PricesThe proposed bill hopes to stop customer gouging by requiring oil companies to disclose information about pricing to state regulators. This is stupid, like they won't just figure the fines into the price of their gas down the line. I don't see how CA fining oil companies directly helps consumers. It may indirectly but if the info that CA is demanding were made avail to the public the market could react (as in customers could choose which stations to patronize based on that. The other obvious issue is with… It's about time! This gouging consumers for gas and heating oil needs to stop. It needs to be as much of a problem to the suppliers as it is to the consumers.
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