New California gas price law gives regulators power to penalize 'big oil'

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New California gas price law gives regulators power to penalize 'big oil'
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Governor Gavin Newsom signs new gas price law, first of its kind in the country, that would allow state regulators to penalize oil companies over price gouging. 'We proved we could finally beat big oil,' Newsom said after signing the bill.

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in California by 2035. And last year, the state Legislature approved a bill limiting where new oil wells can be drilled, providing buffer zones around homes, schools and other sensitive sites. Likewise, the industry spent millions on campaign contributions in the 2022 election, supporting both Democrats and Republicans. Nearly one-third of all 120 seats in the Legislature are newly elected members.

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