A deal to address gas price gouging by California's powerful oil industry contains key transparency provisions that will force an industry that operates in the shadows to finally turn over long-hidden data. Lawmakers should pass it.
Big Oil is posting record profits. It’s time for California lawmakers to get moving and advance legislation to curb excessive refinery profits and prevent oil companies from ripping people off while they pollute the planet.
The governor’s proposal would establish an independent Division of Petroleum Market Oversight within the California Energy Commission, with subpoena power to investigate the industry’s sales and pricing and identify consumer abuses. But just as important are the bill’s transparency provisions, which should help shed light on gas prices by forcing companies to provide state regulators detailed new information on transactions, maintenance activities and refining profit margins.
Because it authorizes, but does not require, the California Energy Commission to impose a price-gouging penalty, it’s possible that regulators will gather and analyze the new data oil companies submit only to determine no action is warranted.and the forces driving up its gasoline prices remain shrouded in mystery.
It’s telling that the oil industry is balking at the requirements that would make it provide more data to state officials. Transparency shouldn’t be a problem if these companies have nothing to hide.
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