California Gov. Gavin Newsom is convening a special legislative session Monday urging lawmakers to pass a 'price gouging' penalty on oil company profits.
King Operating Corp. founder and CEO Jay Young explains why drilling oil in Venezuela 'just doesn't make sense.'Gov. Gavin Newsom
Newsom announced the special session last week, accusing energy firms of price gouging while pointing to record-high profits in the industry amid a surge in gasoline prices in the fall. Oil industry representatives do not deny that energy firms have seen a surge in profits this year, but say market forces and government policies against fossil fuels are to blame.
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Newsom proposes measure to crack down on price gouging by oil companiesGov. Gavin Newsom is proposing a crackdown on price gouging by oil companies, by imposing penalties on excessive profits that would be refunded to Californians.
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Newsom proposes measure to crack down on price gouging by oil companiesGov. Gavin Newsom is proposing a crackdown on price gouging by oil companies, by imposing penalties on excessive profits that would be refunded to Californians.
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