By engaging directly with Democratic lawmakers, California Gov. Gavin Newsom secured a victory in his war with Big Oil.
Gov. Gavin Newsom’s amended proposal would give the California Energy Commission more authority to investigate gasoline price spikes and cap profits.“This is 10 times better,” he acknowledged at a bill-signing ceremony in the state Capitol rotunda Tuesday.“There’s a new sheriff in town. ... We brought Big Oil to their knees.”
Climate and record-high gas prices last year — along with the knowledge that Californians at one point were paying $2.60 more per gallon than the national average — provide strong public support in the Capitol for battling the oil industry. Not so fast. Legislators balked. Neither they nor the governor had evidence that oil companies were gouging. And they didn’t have the expertise to determine when a profit became an unwarranted windfall.
Create a new independent investigative division, require oil refineries to share long-hidden data with the unit and allow the experts to determine whether there’s gouging and windfall profiting. Starting his final term, however, Newsom seems to now realize that if he’s going to produce landmark achievements, time is growing short. This year and the next are crucial. Nothing much is likely to be accomplished in his lame-duck final year, 2026.
Newsom had wanted the Legislature to enact a penalty that would hit refineries from Day One. Lawmakers refused. Now, penalizing windfall profits — whatever they are — could take up to a year. That was the main compromise. That and getting the whole thing out of the Legislature’s hair.
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