California lawmakers pass Newsom's oil bill.

California lawmakers have approved Governor Gavin Newsom's legislation to increase transparency in the oil industry, which focuses on requiring the industry to provide more information about maintenance and pricing decisions to deter companies from gouging consumers. The final bill does not cap oil refinery profits or penalize the industry, but gives the California Energy Commission the power to set a cap and impose penalties through a regulatory process if it decides that oil companies are making excessive profits. The legislation will require oil companies to provide the state with more information around planned maintenance, which could make it easier to avoid having several refineries go offline at the same time, drastically reducing supply.