California Dems push war-time price gouging crackdown as gas prices spike

California lawmakers accusing oil companies of exploiting the Iran war to gouge drivers are now backing a bill that would allow the state to crack down under its emergency price-gouging laws.The Wartime Price Gouging Prevention Act (SB 493) — authored by Sen.Josh Becker (D-Menlo Park) and his co-author Sen.

Ben Allen (D-Santa Monica) — would add “war” to California’s price-gouging statute, which already limits sharp price hikes during declared emergencies such as wildfires, floods, earthquakes, riots, storms, droughts and pandemics.Becker told The California Post that the measure would close a loophole that has prevented the state from fully pursuing suspected fuel-market manipulation tied to the overseas conflict, even as California drivers have paid billions more for gas and diesel — resulting in a roughly $250 increase in costs per household.“Right now it’s just the Attorney General [Rob Bonta] can’t prosecute, he can’t go after that,” Becker said in a phone interview. “He just can’t do it because of the way the law is structured.”The push comes as President Trump has opened his own front against major oil companies, accusing them of “gouging” drivers by failing to lower pump prices after crude oil prices fell from wartime highs. “The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil,” Trump declared on Truth Social.“Those prices are dropping like a rock! In other words, customers are being ‘gouged.’”“I have instructed the DOJ to immediately start looking into this.

Gasoline prices better start going down a lot faster than what I’m seeing!”The American Petroleum Institute pushed back, saying fuel prices “don’t move in lockstep with crude oil” and that the conflict was still affecting supply, refining and inventories, according to the BBC.Under current California law, businesses generally cannot raise prices by more than 10% for ...