Instead of letting the California Legislature decide whether to impose a profit cap on oil companies, California Gov. Gavin Newsom announced March 16 a proposal to give the state’s Energy Commission—made up of the governor’s appointees—the ability to do so.
The proposed change came after lawmakers from both sides of the aisle voiced skepticism in a special meeting in late February about the governor’s plan to penalize the oil industry for windfall profits. Industry and energy experts also told legislators during the meeting the penalty, or any additional taxes, could drive up the cost of fuel even more….