California Gov. Gavin Newsom agreed to a watered-down proposal punishing Big Oil companies for charging high prices after a more aggressive version was swatted down.
struck a deal with state lawmakers Monday to"hold Big Oil accountable" amid a long streak of nation-leading consumer energy prices.cracking down on fossil fuel
"Together with the Legislature, we’re going to hold Big Oil accountable for ripping off Californians at the pump," Newsom said in a statement."Today’s agreement represents a major milestone in our efforts to drive the oil industry out of the shadows and ensure they play by the rules." of a proposal the governor backed in December to directly punish companies with financial penalties if their margins are determined to be too high. During a California Senate hearing in February, Democrats and experts alike expressed concern the original proposal could lead to even higher prices for state residents.
Though the new legislation represents a softer approach to punishing oil companies, industry groups still blasted it for creating additional bureaucracy.
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