California Gov. Gavin Newsom signed a bill March 28 that plans to target oil companies with a windfall-profits penalty law, after it was rushing through both chambers of the Legislature in a week.
The law will create new regulations and extensive oversight for oil companies and allows an appointed commission to issue fines and penalties for earning profits beyond state-imposed limits.
“We proved that we could actually beat big oil,” Newsom said at a Tuesday press conference just prior to signing.
The bill passed the state Senate March 23 and the Assembly on March 27—where Democrats hold a supermajority—and will take effect in 90 days….