SACRAMENTO, Calif. — Gov. Gavin Newsom on Monday unveiled an outline of his plan to place a cap on oil refinery profits in California, a proposal he's asking lawmakers to approve in hopes of reducing future spikes on gasoline prices.
After convening a special legislative session, the governor publicly shared a first look at his plan more than two months after he said he would call on the Legislature to penalize the oil industry's excessive profits, accusing companies of "price gouging" by intentionally elevating the cost of gasoline for California drivers.
"California's price gouging penalty is simple – either Big Oil reins in the profits and prices, or they'll pay a penalty," Newsom said in a statement Monday afternoon. "Big Oil has been lying and gouging Californians to line their own pockets long enough. I look forward to the work ahead with our partners in the Legislature to get this done."
