California Gov. Gavin Newsom took time on Tuesday to commend the legislature for enacting a groundbreaking law aimed at curbing the oil industry and preventing excessive price hikes, with provisions to penalize producers when deemed necessary.
California Gov. Gavin Newsom took time on Tuesday to commend the legislature for enacting a groundbreaking law aimed at curbing thewith provisions to penalize producers when deemed necessary.
The state watchdog has the authority to impose fines on refiners in the event of significant profit increases, similar to last summer when gas prices surged, reaching new record highs that exceeded the national average by $2.60. The oil industry blames California's environmental laws. Regulation is cutting down on the number of refiners that can brew California's special gasoline blend designed to reduce emissions. The industry says that will cause spikes as remaining refiners fall behind demand.
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