California lawmakers have approved the nation’s first penalty for price gouging at the pump.
The companies would report this information, most of it to be kept confidential, to a new state agency empowered to monitor and investigate the petroleum market and subpoena oil company executives. The commission will rely on the work of this agency, plus a panel of experts, to decide whether to impose a penalty on oil company profits and how much that penalty should be.
California's gas prices are always higher than the rest of the country because of the state's taxes and regulations. California has the second-highest gas tax in the country at 54 cents per gallon. And it requires a special blend of gasoline that is better for the environment but more expensive to produce.
“There's truly no other explanation for these historically high prices other than greed,” said Assemblymember Pilar Schiavo, a Democrat from Chatsworth. “The problem is we don't have the information that we need to prove this, and we don't have the ability to penalize the kind of historic price gouging we saw last year.”
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
California lawmakers OK potential fines for high gas pricesCalifornia lawmakers on Monday approved the nation's first penalty for price gouging at the pump, voting to give regulators the power to punish oil companies for profiting from the type of gas price spikes that plagued the nation's most populous state last summer.
Read more »
California lawmakers OK potential fines for high gas pricesCalifornia lawmakers approved the nation’s first penalty for price gouging at the pump.
Read more »
Gap grows between TikTok users, lawmakers on potential banThe disconnect illustrates the uphill battle lawmakers face in trying to convince the public that China could use TikTok as a weapon against the American people. But many users on the platform are more concerned about the possibility of the government taking away their favorite app.
Read more »
Gap grows between TikTok users, lawmakers on potential banU.S. lawmakers discussing TikTok have warned about security breaches and possible Chinese surveillance. But they face an uphill battle in convincing the public that China could use TikTok as a weapon, as many worry the government will take the app away.
Read more »
Gap grows between TikTok users, lawmakers on potential banOn the one side are dozens of lawmakers on Capitol Hill issuing dire warnings about security breaches and possible Chinese surveillance.
Read more »
Gap grows between TikTok users, lawmakers on potential banOn the one side are dozens of lawmakers on Capitol Hill issuing dire warnings about security breaches and possible Chinese surveillance.
Read more »