By engaging directly with Democratic lawmakers, California Gov. Gavin Newsom secured a victory in his war with Big Oil.
Gov. Gavin Newsom’s amended proposal would give the California Energy Commission more authority to investigate gasoline price spikes and cap profits.“This is 10 times better,” he acknowledged at a bill-signing ceremony in the state Capitol rotunda Tuesday.“There’s a new sheriff in town. ... We brought Big Oil to their knees.”
Climate and record-high gas prices last year — along with the knowledge that Californians at one point were paying $2.60 more per gallon than the national average — provide strong public support in the Capitol for battling the oil industry. Not so fast. Legislators balked. Neither they nor the governor had evidence that oil companies were gouging. And they didn’t have the expertise to determine when a profit became an unwarranted windfall.
Create a new independent investigative division, require oil refineries to share long-hidden data with the unit and allow the experts to determine whether there’s gouging and windfall profiting. Starting his final term, however, Newsom seems to now realize that if he’s going to produce landmark achievements, time is growing short. This year and the next are crucial. Nothing much is likely to be accomplished in his lame-duck final year, 2026.
Newsom had wanted the Legislature to enact a penalty that would hit refineries from Day One. Lawmakers refused. Now, penalizing windfall profits — whatever they are — could take up to a year. That was the main compromise. That and getting the whole thing out of the Legislature’s hair.
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California lawmakers OK Newsom plan that could someday cap oil industry profitsThe California Assembly handed Gov. Gavin Newsom a long-awaited win on Monday, approving his revised proposal to punish alleged price gouging by oil companies and sending the measure to his desk for a signature.
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‘We Finally Beat Big Oil': Gov. Newsom Signs Law Penalizing Oil Companies for Price GougingNewsom signed a new law that gives state regulators the power to penalize oil companies for making too much money, the first of its kind in the country. It’s the type of legislation the oil industry might have crushed in the past. But on Monday, the bill cleared the state Assembly with only one Democrat voting against it.
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Newsom signs watered-down oil profit penalty into lawBREAKING: Gov. Newsom signs an oil profits penalty plan that is supposed to keep California gas prices under control. The oil industry says it will closely watch the regulations.
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California Gov. Newsom hails new price gouging law: 'California took on Big Oil and won''We proved we can actually beat big oil,' Newsom said during a signing ceremony in the state Capitol today.
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How Newsom fell short of the oil penalty he wanted but still scored a political winCalifornia Gov. Gavin Newsom launched an offensive in his war with Big Oil. The battle didn't go as planned.
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Gavin Newsom Tweets 1 Scathing Word About Kevin McCarthy's School Shooting SilenceA video of the Republican House speaker drew a blistering response from California's Democratic governor.
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