California could become the first state to fine big oil companies for making too much money, a reaction to the industry’s supersized profits following a summer of record-high gas prices in the nation’s most populous state.
“We’re burning up. We’re choking up. We’re heating up because of these folks,” Newsom said, referring to the oil industry and its impact on the environment. “And people are barely able to pay their bills because of these folks.”
Crucially, the proposal classifies the fine as a “civil penalty” and not a tax. That means only a simple majority would be needed for passage, instead of the two-thirds majority that is required to raise taxes. But legislative leaders don’t appear in any hurry to pass the bill. Lawmakers convened in a special session for mere minutes Monday, long enough to adopt rules and appoint leaders. They won’t reconvene again until January.Many lawmakers said they had no idea what Newsom was proposing. A few senators joined reporters at Newsom’s news conference outside Senate chambers just to hear what he had to say.
Adding to the uncertainty is an unusually high number of newly elected lawmakers about to take seats for the first time. Roughly a quarter of the Legislature’s 120 members are new, with two close races still unresolved.Among the new state senators is Angelique Ashby, a Democrat who narrowly won election after an intense campaign. The oil industry spent hundreds of thousands of dollars on radio and TV ads supporting Ashby’s campaign, a trend noticed by critics who tried to use it against her.
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