CA Senate approves proposal to penalize oil refiners for excessive profits.

The California State Senate has approved Governor Gavin Newsom's proposal to allow state regulators to consider a penalty on oil refiners when they make too much money off of California drivers. The proposal would create a new group within the California Energy Commission to gather private business information and data from refiners to consider setting a cap on company profits and potential penalty when the cap is exceeded. The bill requires the state auditor to investigate the measure before 2033, and if found ineffective, would end the program.