Gov. Gavin Newsom unveiled his plan Dec. 5 to consider placing mandatory limits on oil refinery profits in California and add industry regulations and oversight as a way to clamp down on high gas prices.
Oil industry experts say the regulations would result in higher gas prices for consumers and could push more refineries to leave the state.
Big oil is “ripping Californians off,” Newsom said last month following a state hearing and investigation into the record gas prices consumers paid this summer. The governor convened a special session this week to introduce the profit-busting regulations.
California Gov. Gavin Newsom speaks during a press conference in San Francisco on Oct. 6, 2022. (Justin Sullivan/Getty Images)
“California’s price gouging penalty is simple—either Big Oil reins in the profits and prices, or they’ll pay a penalty,” Newsom said in a press release. “Big Oil has been lying and gouging Californians to line their own pockets long enough. I look forward to the work ahead with our partners in the Legislature to get this done.”…