A bill that would be the U.S.'s first penalty on excessive oil company profits is still sitting in California's Democratic-controlled Legislature with no details on how much the penalty would be or when oil companies would have to pay it.
California Gov. Gavin Newsom delivers a speech after taking the oath of office on Friday, Jan. 6, 2023, outside the California state Capitol in Sacramento, Calf. After gas prices in California spiked to more than US$6.40 per gallon last summer, Gov. Gavin Newsom led a charge against an industry he says is "ripping you off."Newsom, a Democrat, called lawmakers into a rare special session in December to pass what would be the nation's first penalty on excessive oil company profits.
Historically, California's gas prices have always been higher than the rest of the country because of the state's higher taxes and fees, and the special blend that gasoline regulators require because it is better for the environment. "What the hell are the possible unintended consequences that could hurt those very people to a greater extent?" asked state Sen. Bill Dodd, a Democrat from Napa.
The big question is how much profit would trigger the penalty. Consumer Watchdog, a nonprofit group that Newsom has frequently cited when criticizing oil companies, wants that threshold to be anytime oil company profits exceed 50 cents per gallon.
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