California Passes Law to Penalize High Gas Prices and Limit Oil Industry Profits
TL;DR Summary
California Governor Gavin Newsom signed a new law that allows state regulators to penalize oil companies for making too much money, marking a significant defeat for the oil industry. The state has been steadily reducing its reliance on fossil fuels, with a law requiring it to be carbon neutral by 2045 and a ban on most new gas-powered cars by 2035. The Western States Petroleum Association spent $11.7 million lobbying lawmakers in the 2021-2022 legislative session, but the bill still passed with only one Democrat voting against it. The industry is now challenging a new state law that bans drilling new oil wells near sensitive areas.
- New California gas price law another defeat for oil industry The Associated Press
- California Lawmakers Approve Country's First Penalty for High Gas Prices NBC Southern California
- California lawmakers OK fines for high gas prices FOX 11 Los Angeles
- The goal of California’s anti-gouging law is cheaper gas. But it carries risks | Opinion Fresno Bee
- California takes on oil companies again with law that could cap profits in state POLITICO
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