|May 30, 2023|
Gas price gouging penalty bill signed
SACRAMENTO – (INT) – California legislation to increase accountability and transparency in the gasoline industry is a done deal. It’s an outgrowth of the 2022 Fourth Quarter price spike that sent pump prices soaring to their highest marks in years, more than 6-dollars-a-gallon.
Governor Newsom signed SBx1-2 Tuesday creating an independent watchdog to root out price gouging by oil companies. It authorizes the California Energy Commission (CEC) to create a penalty to hold the industry accountable. The law will go into effect on June 26th.
Newsom contends it will bring transparency to California’s oil and gas industry. It will “shine new light on the corporations that have for decades operated in the shadows while ripping families off and raking in record profits.”
Story Date: April 13, 2023