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Mar 29, 2023 · California can begin regulating how much profit the state's oil refiners can earn on selling gasoline beginning this summer under that Governor Gavin Newsom signed into law on Tuesday.
The law: Authorizes the California Energy Commission (CEC) to set a maximum gross gasoline refining margin and a penalty for refiners that exceed it. Increases transparency by providing new data collection authority and creates an independent division to monitor petroleum markets and flag potential market manipulation.
3 days ago · The recently created Division of Petroleum Market Oversight is ironing out details of a plan to financially penalize refineries that exceed a state-set profit margin that’s yet to be determined ...
Aug 15, 2024 · SACRAMENTO — The state has found that, when refiners limit gasoline supplies, prices spike at the pump and create massive profits for Big Oil. Today, Governor Gavin Newsom announced a new, first-in-the-nation proposal to further prevent price spikes and save Californians money.
Sep 1, 2022 · The state Legislature passed Senate Bill 1322, which requires refineries to disclose every month the price they pay for crude oil and the profit margins they make on the gasoline they refine.
- JW August
Mar 29, 2023 · Oil companies had opposed the measure that starting June 26 empowers the California Energy Commission to set a state gross gasoline refining profit margin, and to levy penalties for...
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Dec 5, 2022 · SACRAMENTO — Gov. Gavin Newsom on Monday unveiled an outline of his plan to place a cap on oil refinery profits in California, a proposal he’s asking lawmakers to approve in hopes of...
