After the bill that heavily fines oil companies passed, Governor Gavin Newsom declared, “We proved we could finally beat big oil.”

By a vote of 30 to 8, the California Senate approved Governor Gavin Newsom’s proposal to create an oversight committee to prevent the oil industry from exploiting consumers through high gas prices and to punish oil refineries when their profit margins become excessively high. The new price-gouging penalty is part of Gov. Newsom’s plan to increase transparency and responsibility in order to hold “Big Oil” accountable.

The purpose of the price gouging penalty is to prevent future instances of price gouging against California customers. Refiners who have engaged in price gouging will be subject to a civil penalty, which can be imposed by the CEC through a public rulemaking process guided by expert analysis.

As Governor Newsom put it, In a statement, Newsom claimed that oil companies had been able to “rip off California families for decades while making record profits and hiding their books from public view.” By proposing this, California’s political leaders are putting an end to the era of oil’s disproportionate power and holding the industry to account. The swiftness with which the Senate moved allowed us to get this done for the people of California. The cost of gas is excessive. It’s past time to levy a windfall profits tax on the oil corporations responsible for gouging you at the pump.

California had a thriving sector that played a significant role in the state’s economy for many years and was one of the top oil producers in the country. According to federal data, the state is currently the seventh-largest oil producer in the country.

Authored by Senator Nancy Skinner (D-Berkeley), co-sponsored by Attorney General Rob Bonta and approved by a supermajority in both the Senate and Assembly, SBx1-2 creates a dedicated, day-in and day-out, independent watchdog to root out price gouging by oil companies and authorizes the California Energy Commission (CEC) to create a penalty to hold the industry accountable. The law will go into effect on June 26, the 91st day after the end of the special session.

CWEB has provided some information for this story.

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