California Gov. Gavin Newsom held a special legislative session on Monday to unveil a proposal to penalize oil companies that make too much money.
Former investment banker Carol Roth analyzes California Gov. Gavin Newsom announcing his plan to penalize oil companies for big profits on 'The Evening Edit.'for making too much money and return those funds to the public.
"California’s price gouging penalty is simple – either Big Oil reins in the profits and prices, or they’ll pay a penalty," Newsom said in a statement. "Big oil has been lying andCrucially, the proposal classifies the fine as a "civil penalty" and not a tax, meaning only a simple majority would be needed for passage, instead of the two-thirds majority that is required to raise taxes.
Speaking to reporters, Newsom said the goal of the penalty is to prevent gas prices from shooting up in the future, calling it "a proactive effort in order to change behavior."
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