Gov. Newsom signs new law that gives state regulators power to penalize oil companies for price gouging, the first of its kind in the country.
Newsom signed a new law that gives state regulators the power to penalize oil companies for making too much moneyIt was just a few weeks ago that California Gov. Gavin Newsom called the oil industry the second most powerful force on earth, trailing only Mother Nature in its ability to bend the elements — both physical and political — to its will.
The bill is the latest in a string of defeats for the oil industry in California, a state many don't think of as a fossil fuel powerhouse. But for decades, California was one of the leading oil producers in the United States with a bustling industry that was a key part of the state's economy. The state is now the nation's seventh-largest oil producer, according to federal data.Sign up for NBC Bay Area’s Housing Deconstructed newsletter.
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