(KRON) -- California Governor Gavin's Newsom's bill to hold oil companies accountable is now a law. According to Newsom's office, this bill will go into effect on June 26, ultimately giving officials the power to penalize California-based oil companies for making too much money.
This bill is the first of its kind and was put together by Democratic Senator Nancy Skinner of Berkeley. It was backed by Attorney General Rob Bonta.
This new law provides an independent watchdog that will root out price gouging by oil companies and gives the state more information than ever before, including data from last year when the governor's office said it appeared oil companies suppressed supply to drive up prices and brought in record profits.
Republicans with opposing views have long argued that the proposal could lead to higher prices. But this week the bill cleared the State Assembly with only one Democrat voting against it.
Governor Newsom and Bonta had this to say regarding the legislation:
"They don't have your back. So, I want to thank each member of the legislature for having the backs of 40 million Americans who live in the greatest state in our union," Newsom said.
KRON On is streaming live news now
"Our message to big oil is very clear: play by the rules or pay the price," Bonta said.
Officials said this new watch dog division will be monitoring closely and referring any violation of law including market manipulation to the Attorney General's office for prosecution.
from KRON4 https://ift.tt/CrFBtJV
No comments:
Post a Comment