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Mar 06, 2023Governor Newsom Signs Gas Price Gouging Law: “California Took on Big Oil and Won”
Nov 13, 2023Published: Mar 28, 2023
WHAT YOU NEED TO KNOW: Following record gas price hikes and profits, Governor Newsom signed his special session bill to hold Big Oil accountable – the latest measure the Governor has taken to rein in the industry.
SACRAMENTO – Today, surrounded by legislators and community leaders in the rotunda of the California State Capitol, Governor Gavin Newsom signed legislation to implement the strongest state-level oversight and accountability measures on Big Oil in the nation – bringing transparency to California's oil and gas industry, shining new light on the corporations that have for decades operated in the shadows while ripping families off and raking in record profits.
It is the latest instance in which the Governor has successfully taken on the historically powerful industry for putting profits over people. Last year, Governor Newsom signed legislation adding new reporting requirements to oil refiners, as well as a law protecting neighborhoods and schools from oil drilling.
What Governor Newsom said: "With this legislation, we’re ending the oil industry's days of operating in the shadows. California took on Big Oil and won. We’re not only protecting families, we’re also loosening the vice grip Big Oil has had on our politics for the last 100 years."
In the rotunda of the California State Capitol, Governor Newsom signs legislation holding Big Oil accountable.
HOW IT WORKS: Authored by Senator Nancy Skinner (D-Berkeley), co-sponsored by Attorney General Rob Bonta and approved by a supermajority in both the Senate and Assembly, SBx1-2 creates a dedicated, day-in and day-out, independent watchdog to root out price gouging by oil companies and authorizes the California Energy Commission (CEC) to create a penalty to hold the industry accountable. The law will go into effect on June 26, the 91st day after the end of the special session.
WHY TRANSPARENCY MEASURES MATTER: When the law's new transparency and oversight requirements go into effect at the end of June, the state will begin receiving more information than ever before, including last year when it appeared that oil producers suppressed supply to drive up prices and rake in record profits. Industry knows that the new independent watchdog division will be closely monitoring them and will refer any violation of law – including industry misconduct or market manipulation – to the Attorney General for prosecution.
WHAT THEY’RE SAYING:
WHAT YOU NEED TO KNOW: What Governor Newsom said: HOW IT WORKS: WHY TRANSPARENCY MEASURES MATTER: WHAT THEY’RE SAYING: Attorney General Rob Bonta: Senate President pro Tempore Toni G. Atkins (D-San Diego): Assembly Speaker Anthony Rendon (D-Lakewood): Senator Nancy Skinner (D-Berkeley), author of SBX1-2: Assemblymember Jacqui Irwin (D-Thousand Oaks): Dwayne Crenshaw, President, Greater Sacramento Urban League: Mary Leslie, President, Los Angeles Business Council: Max Vargas, VP of Economic Justice, Latino Community Foundation: Melanie Morelos, California Strategy Senior Program Manager, The Greenlining Institute: Teri Olle, California Campaign Director, Economic Security Project Action: Jamie Court, President, Consumer Watchdog: Matt Petersen, CEO, LA Cleantech Incubator: Irvine Mayor Farrah Khan Meghan Sahli-Wells, California Director, Elected Officials to Protect America (EOPA), Former Culver City Mayor: