Ubiquitous
2024-06-01 02:05:03 UTC
Californias new gasoline price gouging law will end up raising prices
at the pump for everyday Americans and could even limit the states
energy supply, critics say.
Gas prices in California have already topped $5 a gallon this year due,
in large part, to the states high taxes and tough regulations on the
industry.
However, Democratic Governor Gavin Newsom blames his states expensive
gas on greedy oil companies.
The governor wants to cap the profits of gasoline producers, but
critics worry this will burden California refineries, who will, in
turn, pass the costs onto drivers and push gas prices over $6 a gallon.
Last year, Newsom signed an anti-price gouging law that establishes an
industry watchdog and increases scrutiny on oil companies.
These new transparency laws will help us track refiners profits and
shine a light on price manipulation so Californians arent vulnerable
to the greedy whims of Big Oil, Newsom said last year.
The California Energy Commission is currently considering the proposal
to establish a penalty for gas producers who profit too much off of
California drivers. Siva Gunda, the commissions vice president, said
the commission has not found any clear evidence of price gouging so
far, although he added that oil companies are indeed profiting off of
the multiple gas price spikes California has seen in recent years.
We are still in the process of evaluation the opinions of the experts
we have, Gunda said. What we understand is there is a divergence of
opinion.
Earlier this month, California state senators held an oversight hearing
on the new law.
Industry leaders warn a profits penalty could not only raise gas prices
but even drive gas companies out of the state and curb the states oil
supply.
Chevron is concerned about the impact a margin cap could have on
gasoline supply. An ill-defined and arbitrary maximum margin for
refiners will not lower gasoline prices this summer, Chevron wrote in
a letter to the states energy commission.
Lawmakers on both sides of the aisle have also expressed concerns.
Some of us come from very disadvantaged communities and they are the
ones who bear the brunt of the cost hikes, said state Senator Susan
Rubio, a Democrat from just east of Los Angeles.
Even lawmakers in neighboring states worry their states could feel the
effects of Californias gas penalty.
We all need each other, said Arizona state Rep. Justin Wilmeth, a
Republican who attended the California oversight hearing this month.
We need you for fuel, you need us for electricity, we all have to work
together in the west, Wilmeth said.
The commission is expected to vote on whether to start capping gas
profits by the end of the year.
at the pump for everyday Americans and could even limit the states
energy supply, critics say.
Gas prices in California have already topped $5 a gallon this year due,
in large part, to the states high taxes and tough regulations on the
industry.
However, Democratic Governor Gavin Newsom blames his states expensive
gas on greedy oil companies.
The governor wants to cap the profits of gasoline producers, but
critics worry this will burden California refineries, who will, in
turn, pass the costs onto drivers and push gas prices over $6 a gallon.
Last year, Newsom signed an anti-price gouging law that establishes an
industry watchdog and increases scrutiny on oil companies.
These new transparency laws will help us track refiners profits and
shine a light on price manipulation so Californians arent vulnerable
to the greedy whims of Big Oil, Newsom said last year.
The California Energy Commission is currently considering the proposal
to establish a penalty for gas producers who profit too much off of
California drivers. Siva Gunda, the commissions vice president, said
the commission has not found any clear evidence of price gouging so
far, although he added that oil companies are indeed profiting off of
the multiple gas price spikes California has seen in recent years.
We are still in the process of evaluation the opinions of the experts
we have, Gunda said. What we understand is there is a divergence of
opinion.
Earlier this month, California state senators held an oversight hearing
on the new law.
Industry leaders warn a profits penalty could not only raise gas prices
but even drive gas companies out of the state and curb the states oil
supply.
Chevron is concerned about the impact a margin cap could have on
gasoline supply. An ill-defined and arbitrary maximum margin for
refiners will not lower gasoline prices this summer, Chevron wrote in
a letter to the states energy commission.
Lawmakers on both sides of the aisle have also expressed concerns.
Some of us come from very disadvantaged communities and they are the
ones who bear the brunt of the cost hikes, said state Senator Susan
Rubio, a Democrat from just east of Los Angeles.
Even lawmakers in neighboring states worry their states could feel the
effects of Californias gas penalty.
We all need each other, said Arizona state Rep. Justin Wilmeth, a
Republican who attended the California oversight hearing this month.
We need you for fuel, you need us for electricity, we all have to work
together in the west, Wilmeth said.
The commission is expected to vote on whether to start capping gas
profits by the end of the year.
--
Democrats and the liberal media hate President Trump more than they
love this country.
Democrats and the liberal media hate President Trump more than they
love this country.