California introduces penalties for oil companies profiting from high gas prices.

California Governor Gavin Newsom signed a new law that empowers state regulators to penalize oil companies for making too much money, the first of its kind in the country. 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. A state law requires California to be carbon neutral by 2045, meaning the state would remove as many carbon emissions from the atmosphere as it emits.