BREAKING Newsom proposes measure to crack down on price gouging by oil companies, return excess profits to Californians
Furious about oil companies' supersized profits after a summer of record-high gas prices, California Gov. Gavin Newsom on Monday will formally start his campaign to punish big producers by asking the Legislature to fine them and give the money back to drivers.to crack down on price gouging by oil companies, and impose penalties on excessive profits that would be refunded to Californians.
Newsom's proposal would allow the state to determine an allowable profit margin by oil companies operating in California. Those that exceed the margins would face an equivalent penalty and those fines would be returned to residents of the state. The proposal, which needs legislative approval, comes not long after gas prices hit record levels in California and throughout the country.the state saw a record price of $6.438 per gallon of regular unleaded in June of this year, though prices have since leveled to $4.77 a gallon currently. Los Angeles is currently seeing an average of $4.85 per regular unleaded gallon, according to the Auto Club.
"California's price gouging penalty is simple - either Big Oil reins in the profits and prices, or they'll pay a penalty," "Big Oil has been lying and gouging Californians to line their own pockets long enough. I look forward to the work ahead with our partners in the Legislature to get this done."Related Topics
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