California Gov. Gavin Newsom's plan to limit oil companies' profits was met with criticism by Democrats, Republicans and experts alike at a state hearing earlier this week.
Democratic California Gov. Gavin Newsom's plan to limitwas met with criticism by Democrats, Republicans and experts alike at a state hearing earlier this week.
He added that the bill"will only make matters worse for the California consumer" and"serve as a disincentive for investing in supply and new technologies for the refiners.""Enacting it will reduce supply, force out producers and reduce employment in a high-paying sector," Mische continued, adding that gas and energy prices would increase as a result of the bill.to punish oil companies for"lying and gouging Californians to line their own pockets.
"In our pursuit to address gasoline prices, we must ensure our actions that we take first [do] no harm to consumers," state Sen. Steve Bradford said, according to Politico."There is clearly a belief out there among many people that oil companies were profiting off the backs of Californians," added state Sen. Dave Min."At the same time, we don’t really have a smoking gun as far as I can see, that shows intentional collusion.
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