California Passes First Penalty for Gas Price Gouging by Oil Companies

California lawmakers have approved the country's first penalty for price gouging at the pump, giving regulators the power to punish oil companies for profiting from gas price spikes. The bill requires oil companies to disclose reams of new information to state regulators about their pricing, which will be monitored and investigated by a new state agency. The California Energy Commission will decide whether to impose a penalty on oil company profits and how much that penalty should be. The bill is expected to be signed into law by Democratic Gov. Gavin Newsom, who has made taking on the oil industry a major policy priority.