US EditionCalifornia energy regulators pause efforts to penalize oil companies for high profits
California delays refinery profit penalties until 2030 amid closures affecting 18% of capacity, aiming to balance supply stability and transition to cleaner energy, officials said.
- California energy regulators have postponed plans for penalties on oil companies until 2030, marking a win for the industry after a previous commitment to hold them accountable.
- Governor Gavin Newsom's law aims to penalize excessive profits from oil companies, as California grapples with the highest gas prices in the nation, with regular unleaded selling for $4.59 a gallon, compared to the national average of $3.20.
- Experts warn that imposing penalties could discourage oil production and exacerbate high fuel prices, emphasizing the need for careful policymaking.
- Two oil refineries, accounting for about 18% of California's refining capacity, are set to close, complicating fuel supply stability.
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California Sets Aside Penalties for High Refinery Profits - Energy News, Top Headlines, Commentaries, Features & Events
California’s Energy Commission voted on Friday to temporarily set aside penalties for excessive refining profits that were adopted after gasoline pump prices climbed over $8 a gallon in 2022. The five-year delay in implementing the penalties comes as Phillips 66’s Los Angeles refinery is preparing to begin shutting production as early as next week ahead ...
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Total News Sources60
Leaning Left24Leaning Right2Center14Last UpdatedBias Distribution60% Left
Bias Distribution
- 60% of the sources lean Left
60% Left
L 60%
C 35%
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