Major state passes bill to control gas prices

 

The California State Legislature passed a bill Monday night that would establish a limit on the profit margins oil companies can earn refining gasoline in the state.

The proposed legislation is expected to be signed Tuesday morning by Democratic Gov. Gavin Newsom, who helped craft the bill, and grants the governor greater oversight of an industry he has frequently criticized for alleged profiteering, according to Bloomberg. The bill creates a government watchdog that has the ability to impose a limit on oil companies’ profits and exact penalties on firms that fail to comply, in a bid to control soaring gas prices in California...more