After gas prices in California soared last summer, Gov. Gavin Newsom led a charge against an industry he said is 'ripping you off.' Months later, however, it's not clear if California's Legislature is following him.
Newsom's solution is to penalize oil companies when their profits get too high, and return that money to the public.During the bill's first public hearing in the state Senate on Wednesday, many Democrats were sympathetic to drivers hit by price spikes. But several Democrats appeared to be skeptical.
Dodd wanted to know what would stop oil refiners from simply shipping their product to other states in order to avoid California profits that could trigger a penalty. State Sen. Steven Bradford, a Democrat from Los Angeles, wondered how the Newsom administration would return the money to the public. Catherine Reheis-Boyd, president and CEO of the Western States Petroleum Association, said the real reason for California's high gas prices is not profits but a lack of supply. She said Newsom's proposal will only make that worse because oil companies would likely supply less gasoline in the state to avoid paying a penalty.
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