(INSIDE CALIFORNIA POLITICS) — As the California legislature introduces legislation that could ultimately punish oil companies for excessive profits, the state attorney general said the legislation would hold oil companies accountable. It is said that it helps to
Last year, Gov. Gavin Newsom called a special session of the state legislature and ordered lawmakers to take action to protect consumers after the state spiked gasoline prices over the summer.
Original plans to tax oil companies did not make progress in Congress, but legislators and state governors passed legislation that would allow state commissions to decide whether to impose penalties on oil companies.
In an interview with Inside California Politics, Attorney General Rob Bonta said, “Last year gas prices approached $7, nearly $3 higher than the national average.” I learned that it was brought to the gas company.”
The bill, SB X1-2, authored by Senator Nancy Skinner, allows the California Energy Commission to set a “maximum total gasoline refinery margin” and penalties for exceeding it.
The bill also requires more information to be included in the existing mandatory reports oil refiners provide to the commission.
“This is to … make sure oil companies are accountable, overseen and transparent,” Bonta said. “[This is to make sure] What they report to regulators … is information that exists but is not shared and that regulators need to know and understand to protect Californians.”
The bill passed the California Senate by a vote of 30-8 on Thursday, and the legislature is expected to vote on it in the coming days.