California could become the first state to fine big oil companies for making too much money.
California Gov. Gavin Newsom walks through the assembly chamber with California Controller Malia Cohen during the opening session of the California Legislature in Sacramento, Calif., Monday, Dec. 5, 2022.
Gov. Gavin Newsom and his Democratic allies in the state Legislature introduced the proposal Monday as lawmakers returned to the state Capitol in Sacramento for the start of a special legislative session focused solely on the oil industry.was missing key details, including how much profit is too much for oil companies and what fine they would have to pay for exceeding it. Newsom's office said those details would be sorted out later after negotiations with lawmakers.
It could be a popular proposal with voters, who have been paying more than $6 per gallon of gasoline on average for much of the year. But that doesn't mean it will be easy to get it through the state Legislature, where the oil industry is one of the top spenders on both lobbyists and campaign contributions.Crucially, the proposal classifies the fine as a “civil penalty” and not a tax.
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