JJ Gouin/iStock by way of Getty Pictures
California moved a step nearer Thursday to enacting first-of-its-kind laws that will penalize oil companies for “price gouging,” after the state Senate simply handed the measure in an Extraordinary Session convened to fast-track the invoice.
The measure is predicted to maneuver to the State Meeting subsequent week and obtain Governor Gavin Newsom’s signature shortly after that.
The invoice would allow the California Power Fee to create a new watchdog agency to maintain tabs on the oil business and solicit information and data that corporations haven’t supplied beforehand.
It additionally would authorize the state to set a most gross gasoline refining margin, after which set up a penalty for any California-based refinery that exceeds the margin.
Firms most affected by the laws possible would come with refiners akin to Marathon Petroleum (NYSE:MPC), Valero Power (VLO), Phillips 66 (PSX) and PBF Power (PBF), which has criticized Newsom for the “politicization” of high gas prices in California.
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