Penalizing Oil Companies For Price Gouging ...Middle East

Sonora, CA — California lawmakers yesterday voted to give regulators the power to penalize oil companies for price gouging at the pumps. This is the nation’s first gas penalty for oil companies that profited from this type of fuel price spike that hit the state last summer, and the oil industry spent millions trying to stop it. The Senate approved the bill last week, arguing taxes and fees were not enough to explain why the pump prices were $2.60 higher than the national average, as detailed here. As California gas prices hit a high of $6.44 per gallon in some areas of the state, Gov. Gavin Newsom made the oil industry’s alleged price gouging a top policy priority. “When you take on big oil,

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Penalizing Oil Companies For Price Gouging ...Middle East

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