California Gov. Gavin Newsom has signed a new law that could penalize oil companies for making too much money.
FILE - A pump jack sits idle in front of palm trees on June 9, 2021, in Signal Hill, Calif. California Gov. Gavin Newsom on Tuesday, March 28, 2023, is scheduled to sign a new law that would let regulators decide whether to penalize oil companies for making too much money from price spikes at the pump. – It was just a few weeks ago that California Gov.
The oil industry doesn’t mind a David vs. Goliath comparison “as long as you think we’re David and not Goliath,” Kevin Slagle, spokesperson for the Western States Petroleum Association, said about the industry’s influence at the state Capitol. “Just look at the results the last couple of years on legislation.”
“We're never going to get it right, in terms of this transition , unless we minimize and mitigate the power and influence of big oil in this country,” said Newsom, now in his second term in office and widely seen as a potential presidential candidate beyond 2024. “They're the biggest impediment to a just transition.”
Those donations did not always translate to favorable votes. New Assemblymember Esmerelda Soria, a Democrat who represents parts of the Central Valley, was the top beneficiary of money from a Western States Petroleum Association-affiliated committee. Soria voted Monday to support the legislation despite industry opposition.
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 Gov. Newsom hails new price gouging law: 'California took on Big Oil and won''We proved we can actually beat big oil,' Newsom said during a signing ceremony in the state Capitol today.
Read more »
Oil Companies Could Be Penalized For Price Gouging Under Bill Awaiting Newsom's SignatureCalifornia lawmakers approve bill that could punish oil companies when they make too much money. The bill now heads to Newsom's desk.
Read more »
California flood victims, local officials plead with Gov. Newsom for help with FEMA aidElected officials and local business owners are pleading for federal aid as California flood victims recover.
Read more »
‘We Finally Beat Big Oil': Gov. Newsom Signs Law Penalizing Oil Companies for Price GougingNewsom signed a new law that gives state regulators the power to penalize oil companies for making too much money, the first of its kind in the country. It’s the type of legislation the oil industry might have crushed in the past. But on Monday, the bill cleared the state Assembly with only one Democrat voting against it.
Read more »
Column: Newsom denies the obvious: California is no longer in droughtAnother drought will emerge soon enough in California. But right now, the biggest threat this spring is flooding.
Read more »
Newsom silent on California reparations proposalsAs California explores reparations for its black residents for slavery, Gov. Gavin Newsom (D-CA) has remained largely silent on whether he will support the proposals.
Read more »