California should pause Gov. Gavin Newsom's plan to penalize oil companies if their profits climb too high, a top energy regulator said Friday while unveiling proposals aimed at addressing high gas prices.
The Democratic governor signed a law in 2023 giving the California Energy Commission the authority to penalize oil companies for excess profits, declaring the state had “finally beat big oil.” More than two years later, the commission hasn't imposed a single penalty or determined what counts as an excessive profit.
