The California Legislature sent Gov. Gavin Newsom a bill to increase transparency in the oil industry and require refiners to report more information to the state.
the power to set a cap and impose penalties through a regulatory process if it decides that oil companies are making excessive profits and that a penalty will not result in higher prices for consumers.
“Even when we are not experiencing a spike, we pay higher prices than in other states, even when we account for our taxes and environmental policies,” said Assemblymember Jacqui Irwin , who noted that Californians paid as much as $2.60 more per gallon than residents of other states at one point last year. “This is unacceptable.”The Democratic majority handed Newsom his bill, but support wasn’t overwhelming within his own party.
Proponents also argue that giving the California Energy Commission the ability to set a profits penalty could motivate companies to keep prices down. The bill prohibits commissioners from setting a penalty if they find that it will have adverse consequences on Californians and increase gas prices.Western States Petroleum Assn. argues that prices are higher in California as a result of the state’s policies to limit gasoline production.
The legislation will require oil companies to provide the state with more information around planned maintenance, which could make it easier to avoid having several refineries go offline at the same time, drastically reducing supply. If unplanned maintenance occurs, regulators will have more tools to investigate.
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