BREAKING: Gov. Newsom signs an oil profits penalty plan that is supposed to keep California gas prices under control. The oil industry says it will closely watch the regulations.
Though many legislators agreed with the governor’s assessment that taxes and regulations alone could not explain the steep prices their constituents were paying, his initial plan — toand fine those who exceeded the threshold — stalled for months at the Capitol without action. Even Democratic allies feared that, without more information, they might unintentionally create a disincentive for gasoline production, further constraining supply and leading to even higher costs for drivers.
“This is 10x better,” he said. “This is more than we even could have imagined in late September when we had the first conversations around this.” If those points are not resolved in follow-up legislation, Slagle said the industry could potentially sue over the law. An unfavorable profit cap rule developed by the California Energy Commission would also be ripe for a legal challenge.
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