Chevron has not complied with a new California law requiring it to disclose how much money it is making from selling gasoline in the state, setting up a showdown with state regulators over data that Gov. Gavin Newsom's administration requested in order to impose the nation's first penalty on excessive oil profits.
The law requires oil companies to report their monthly “gross refining margin," meaning the difference between how much refineries paid for crude oil and how much the company sold it for as gasoline.
