Newsom Opens Special Session with Proposed Oil Profits Penalty

Proposed legislation would make California the first state to penalize “excessive” oil company profits.

California Governor Gavin Newsom introduced proposed legislation to penalize “excessive” oil company profits in response to record high gasoline prices in California. The proposal also provides a framework for future legislation to increase regulatory oversight of refineries and for an investigation into the causes of high gasoline prices. The legislati…