California Senate Passes Landmark 'Price Gouging' Bill in Victory for Newsom

The California State Senate has approved a bill that would penalize oil companies for "price gouging" in the state. The legislation would authorize the State Energy Resources Conservation and Development Commission to set a maximum gross gasoline refining margin and establish a penalty for any California-based refineries that exceed that margin. The bill would also establish the Division of Petroleum Market Oversight within the Commission, operating independently of the Commission authority and providing guidance to the governor on issues related to transportation fuel pricing and decarbonization. The bill could head to the State Assembly as early as Monday and receive the governor's signature shortly after that.