Gavin Newsom signed California law in 2023 to cut gas prices but hes never used it

California had an ambitious plan to curb price gouging and prevent high-prices at the pump, but as fuel surges above $4.50 per gallon, a 2023 law meant to “take on big oil” continues to remain unused.The bill, which was authored by former state Sen.Nancy Skinner and co-sponsored by Attorney General Rob Bonta, allows the California Energy Commission (CEC) to impose price-gouging penalties for oil companies and put a cap on refinery profits looking to capitalize when the global commodity spikes.When California Gov.

Gavin Newsom signed the legislation in 2023, he declared the stated “took on Big Oil and won,” but three years later, the law is nowhere to be seen.That’s because the CEC voted to table the legislation for five years in an effort to boost “investor confidence” and prevent refineries from pulling out of the state, according to CalMatters. The move came after Newsom directed Siva Gunda, the vice chair of the CEC, to work closely with oil refiners after pushback from the industry and fears gas prices could top $8-a-gallon, the outlet reported.“Further, I am directing you, as my Administration’s lead representative on this issue, to reinforce the State’s openness to a collaborative relationship and our firm belief that Californians can be protected from price spikes and refiners can profitably operate in California,” Newsom said in a letter addressed to Gunda.Jamie Court, president of Consumer Watchdog, told CalMatters this is the precise moment the law is needed.

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By clicking above you agree to the Terms of Use and Privacy Policy.Never miss a story “These are the moments we need them, because when the price of a commodity goes through the roof — be it crude oil or refined gasoline — that’s when companies make outrageous profits,” she said, adding that Newsom “pani...