Newsom gives up call for lawmakers to cap oil industry profits

Gov. Gavin Newsom is giving up his high-profile call for the California Legislature to set a cap on oil company profits and instead will ask lawmakers to increase transparency and oversight of the industry.

California lawmakers held a hearing to consider a penalty on oil companies after the industry posted record profits at a time when drivers paid the highest gas prices in the nation.

Newsom’s new proposal would shift that responsibility to the Energy Commission, but his aides acknowledged there will be no requirement for regulators to cap profits or penalize the industry.Assembly Republican leader James Gallagher of Yuba City criticized Newsom’s choice to place the decision in the hands of the commission.

The bill would create an independent watchdog authority within the commission with subpoena authority to monitor gas prices and investigate spikes. Oil companies would also be required to provide more data to the state to help regulators understand pricing. Jamie Court, president of Consumer Watchdog, applauded the governor’s plan for increasing state oversight of the industry.

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