{"id":1766632,"date":"2022-12-07T15:03:32","date_gmt":"2022-12-07T20:03:32","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1766632"},"modified":"2022-12-07T15:03:39","modified_gmt":"2022-12-07T20:03:39","slug":"newsom-moves-to-limit-oil-company-profits-in-energy-strapped-california","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/newsom-moves-to-limit-oil-company-profits-in-energy-strapped-california\/","title":{"rendered":"Newsom Moves To Limit Oil Company Profits In Energy-Strapped California"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fnewsom-moves-to-limit-oil-company-profits-in-energy-strapped-california%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1766632&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Democratic <a href=\"http:\/\/dailywire.com\/topic\/california\" target=\"_blank\" rel=\"noopener\">California<\/a> Governor <a href=\"http:\/\/dailywire.com\/topic\/gavin-newsom\" target=\"_blank\" rel=\"noopener\">Gavin Newsom<\/a> unveiled a \u201cprice gouging penalty\u201d for <a href=\"http:\/\/dailywire.com\/topic\/oil-and-gas\" target=\"_blank\" rel=\"noopener\">oil<\/a> companies this week as Golden State lawmakers assembled to deliberate <a href=\"http:\/\/dailywire.com\/topic\/energy\" target=\"_blank\" rel=\"noopener\">energy<\/a> policy.<\/p>\n<p>The <a href=\"https:\/\/www.gov.ca.gov\/wp-content\/uploads\/2022\/12\/Price-Gouging-penalty-proposal-language.pdf?emrc=075304\" target=\"_blank\" rel=\"noopener\">proposal<\/a>, introduced by State Sen. Nancy Skinner (D-CA), would compel oil companies to reduce their profits to avoid a civil penalty from the California Energy Commission. Neither a penalty size nor an official profitability threshold appears in the proposal, which would also expand the agency\u2019s authority to obtain information regarding price policies.<\/p>\n<p>\u201cBig Oil has been lying and gouging Californians to line their own pockets long enough,\u201d Newsom said in a <a href=\"https:\/\/www.gov.ca.gov\/2022\/12\/05\/governor-newsom-unveils-price-gouging-penalty-on-big-oils-excessive-profits-to-protect-californians-from-being-ripped-off\/\" target=\"_blank\" rel=\"noopener\">press release<\/a>. \u201cI look forward to the work ahead with our partners in the Legislature to get this done.\u201d<\/p>\n<p>Newsom <a href=\"https:\/\/www.gov.ca.gov\/2022\/11\/30\/governor-newsom-convenes-special-session-to-hold-oil-industry-accountable-for-price-gouging-keep-money-in-californians-pockets\/\" target=\"_blank\" rel=\"noopener\">convened<\/a> a special session of state lawmakers on Monday to consider the price gouging policy, which as many as 60% of Californians support, according to a recent <a href=\"https:\/\/www.consumerwatchdog.org\/energy\/new-poll-shows-more-60-californians-support-windfall-profits-cap-oil-refiners\">poll<\/a> from Consumer Watchdog. Legislators only held the session for minutes before adopting rules and appointing new leadership, according to a <a href=\"https:\/\/apnews.com\/article\/business-california-legislature-sacramento-gavin-newsom-f67b8f4a8e0d7a978d4bf34ada1ea256\" target=\"_blank\" rel=\"noopener\">report<\/a> from the Associated Press.<\/p>\n<p>\u201cPutting the Governor\u2019s proposal in print allows the Legislature and the public to begin discussions on this important issue,\u201d Skinner remarked in the press release. \u201cNo one can deny that California\u2019s gas prices were outrageously high compared to other states. And those high prices hurt California consumers and businesses.\u201d<\/p>\n<p>Indeed, average gas prices in California are presently $4.66 per gallon, according to <a href=\"https:\/\/gasprices.aaa.com\/?state=CA\" target=\"_blank\" rel=\"noopener\">data<\/a> from AAA, far surpassing national average gas prices at $3.36 per gallon. The press release nevertheless lauded Newsom for purportedly reducing prices at the pump from a high of $6.42 per gallon earlier this year. President Joe Biden has made similar <a href=\"https:\/\/www.dailywire.com\/news\/biden-takes-victory-lap-as-gas-prices-inch-downward-still-nearly-twice-as-high-since-his-first-day\" target=\"_blank\" rel=\"noopener\">claims<\/a> amid the nationwide decrease in gas prices, which are currently 41% higher than costs recorded on his first day in the White House.<\/p>\n<p>The price gouging policy occurs after the California Air Resources Board <a href=\"https:\/\/www.dailywire.com\/news\/california-expected-to-ban-sale-of-new-gas-cars\" target=\"_blank\" rel=\"noopener\">issued new rules<\/a> requiring 35% of new vehicles in the state to produce zero emissions by 2026, a standard that will rise to a 68% level by 2030 and a 100% level by 2035. Experts have warned that the state\u2019s electric grid, which often makes national headlines for experiencing <a href=\"https:\/\/www.dailywire.com\/news\/california-asks-residents-to-avoid-charging-electric-vehicles-due-to-blackout-risk-days-after-unveiling-new-gas-car-ban\" target=\"_blank\" rel=\"noopener\">widespread blackouts<\/a>, will require upgrades to manage a rapid transition away from internal combustion vehicles.<\/p>\n<p>Renewable energy sources such as biomass, solar, and wind were responsible for one-third of the state\u2019s power generation as of two years ago, according to <a href=\"https:\/\/www.energy.ca.gov\/data-reports\/energy-almanac\/california-electricity-data\/2021-total-system-electric-generation\/2020\" target=\"_blank\" rel=\"noopener\">data<\/a> from the California Energy Commission.<\/p>\n<p>Congressional Democrats have also attributed rising energy costs to price gouging. House Speaker Nancy Pelosi (D-CA) expressed <a href=\"https:\/\/www.dailywire.com\/news\/pelosi-pushes-democratic-bill-that-would-give-biden-power-to-control-gas-prices\" target=\"_blank\" rel=\"noopener\">support<\/a> earlier this year for legislation that would permit the president to declare an \u201cenergy emergency,\u201d granting him the ability to regulate prices by preventing fuel companies from selling their products at rates deemed to be \u201cunconscionably excessive\u201d and \u201cexploiting\u201d such an emergency.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Democratic California Governor Gavin Newsom unveiled a \u201cprice gouging penalty\u201d for oil companies this week as Golden State lawmakers assembled to deliberate energy policy. The proposal, introduced by State Sen. Nancy Skinner (D-CA), would compel oil companies to reduce their profits to avoid a civil penalty from the California Energy Commission. Neither a penalty size &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1766639,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-1766632","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1766632","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1766632"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1766632\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1766639"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1766632"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1766632"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1766632"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}