California lawmakers held a hearing to consider a penalty on oil companies after the industry posted record profits at a time when drivers paid the highest gas prices in the nation.
Newsom’s new proposal would shift that responsibility to the Energy Commission, but his aides acknowledged there will be no requirement for regulators to cap profits or penalize the industry.Assembly Republican leader James Gallagher of Yuba City criticized Newsom’s choice to place the decision in the hands of the commission.
The bill would create an independent watchdog authority within the commission with subpoena authority to monitor gas prices and investigate spikes. Oil companies would also be required to provide more data to the state to help regulators understand pricing. Jamie Court, president of Consumer Watchdog, applauded the governor’s plan for increasing state oversight of the industry.
LOL
Weak.
He’s so terrible running California, that the left get on their knees hoping he’ll become the next President.
😂 He used that as reasoning when Calif was the only state paying almost double per gallon. Everyone knew he was full of it. He deflected blame on the big bad oil corps. Now he's backtracking bc it was always a big fat lie to hide his own incompetence.
Gruesome Newsom is a complete sociopath💯✔️
What a phony. He is a captive of the Getty oil heirs and their trust fund.
🤡
How about he increases transparency on what he and his wife’s personal holdings are with SVB while he pleads for a bailout from the Fed?