California Gov. Gavin Newsom signed a bill into law Tuesday that gives the state’s energy commission oversight power on oil companies to determine potential price gouging and impose corresponding penalties
. “Why is it that we are paying at peak $2.61 more per gallon of gasoline than the national average?” Newsom said Tuesday. “You should not have had to endure these price spikes, you should not have to endure them in the future. We are going to get under the hood, and we are going to address this issue like no other jurisdiction has in this country.” Last year, Newsom accused oil companies of price gouging California residents even when crude oil prices started to decrease.
“California has sent a clear message to the oil industry – open your books and prove that you’re not price gouging. Otherwise, you, big oil, will pay the price, not consumers,” said California State Sen. Nancy Skinner, one of the sponsors of the law. Ross Allen, a spokesman for Chevron, said in a statement that “Chevron believes California deserves affordable, reliable and ever-cleaner energy.
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