California lawmakers will vote on a bill penalizing gas and oil companies for raising gas prices. Governor Gavin Newsom (D-CA) claimed the companies have made “excessive profits” and is now calling for the oil and gas companies to adhere to extra reporting to explain their prices. Oil and gas companies would then be penalized if they made over a certain profit.
From RedState:
Oil executives have pushed back on the idea they are responsible for the sharp increase in gas costs. Kevin Slagle, spokesperson for the Western States Petroleum Association, said oil companies would have to report data on 15,000 transactions per day, what he called “a ridiculous level of reporting” that would drive up costs. He said the real problem with California’s gas prices are state laws and regulations that hinder the supply of fuel. He criticized Newsom and lawmakers for rushing the bill through the Legislature with little input from the oil industry.
