California Passes Law to Regulate Gas Prices and Cap Oil Company Profits

California Governor Gavin Newsom has signed legislation that could force the oil industry to cap profits and reveal gas price data in the state, demonstrating his clout in a state dominated by Democrats and the weakening of a once powerful lobby. The legislation forces companies to turn over earnings data and exposes them to penalties. It came just months after he pushed through a climate package that fortified emission targets and restricted drilling. The industry acknowledges the setbacks, with a spokesperson for the Western States Petroleum Association saying, “it’s a tough policy environment for us for sure.”