Newly seated California Legislature to face challenge on whether Sacramento should claw back oil industry profits.
Gov. Gavin Newsom on Monday unveiled his plan to punish oil companies for reaping massive profits in California while drivers emptied their wallets at gas stations in recent months.
“California’s price gouging penalty is simple – either Big Oil reins in the profits and prices, or they’ll pay a penalty,” Newsom said on Monday. “Big Oil has been lying and gouging Californians to line their own pockets long enough.”in recent weeks, with fuel costs tumbling below $5 for the first time since March.
Experts backing the oil industry say high profits are necessary to sustain an industry that saw its margins collapse during the COVID-19 pandemic.
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