Gov. Gavin Newsom is proposing a crackdown on price gouging by oil companies, by imposing penalties on excessive profits that would be refunded to Californians.
Furious about oil companies' supersized profits after a summer of record-high gas prices, California Gov. Gavin Newsom on Monday will formally start his campaign to punish big producers by asking the Legislature to fine them and give the money back to drivers.to crack down on price gouging by oil companies, and impose penalties on excessive profits that would be refunded to Californians.
Los Angeles is currently seeing an average of $4.85 per regular unleaded gallon, according to the Auto Club. The San Francisco area is seeing an average price of $4.84. In Fresno, the average is $4.537. California lawmakers briefly returned to the state Capitol on Monday to swear in new members and elect leaders for the 2023 legislative session. But this year, Newsom also has called lawmakers into a special session for the purpose of approving a penalty for oil companies when their profits pass a certain threshold and then returning the money to drivers.
The special session will run alongside the normal session, which also kicks off in January. By dealing with the oil legislation in a special session, lawmakers could move more quickly on it. "The last thing that we need to do is increase the cost on Californians who are already paying far too much," Assembly Republican Leader James Gallagher said Monday morning.
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