A committee of California lawmakers is taking aim at oil companies over record high gas prices.
Assembly Speaker Anthony Rendon, D-Lakewood, announced the formation of a non-partisan committee to investigate rising gas prices in California, to be chaired by Assemblywoman Jacqui Irwin, D-Thousand Oaks. The committee's first hearing is expected to happen by the end of the month.
The average price of a gallon of self-serve regular gasoline dropped 1.5 cents to $6.403 on Tuesday, the largest daily decrease since April 13. Gas prices are also ticking down across the nation, decreasing 1.3 cents to an average of $4.968. Meanwhile, Rendon blasted oil companies like Shell and Chevron, which he says has reported $9.1 billion and $6.2 billion in profits in the first quarter of this year, respectively.
"Oil companies aren't struggling, but families certainly are," Assemblywoman Cottie Petrie-Norris said in a statement. She has also been appointed to the committee.pause on the federal gas taxGas prices usually rise with higher demand during the summer travel and road trip season, but have this year's record highs appear to have made a dent in demand and helped stop the rise of prices, according to according to the Automobile Club's Doug Shupe.Thanks for reading CBS NEWS.
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