Governor Newsom's Stronger Proposal to Hold Big Oil Accountable

California Governor Gavin Newsom has reversed his efforts to impose price gouging penalties on oil companies amid record-high gas prices and an energy crisis. Instead, he has proposed creating a new watchdog arm within the California Energy Commission to monitor daily petroleum market price fluctuations and ensure that market participants "play by the rules." The proposed CEC office would be granted broad authorities to analyze refinery data, subpoena for other information and directly refer cases to the state's attorney general. The move represents a pared-back version of a separate proposal to punish oil companies and could indefinitely delay implementation of a state price-gouging penalty.