California Gov. Gavin Newsom signs oil profit penalty bill into law

Newsom signs watered-down oil profit penalty into law

By Alexei Koseff CalMatters Capitol Reporter For six months, Gov. Gavin Newsom waged a highly public battle against the oil industry, accusing companies of fleecing Californians as gasoline prices soared to record levels last year and urging lawmakers to claw back the excess profits to return to taxpayers.  He finally got to take a victory lap Tuesday as he signed a first-in-the-nation law that could lead to a cap on earnings for oil refiners. …

California Gov. Gavin Newsom signs oil profit penalty bill into law

"We proved we can actually beat Big Oil," Newsom said in signing the bill into law Tuesday. But the political showdown may not be over.

Newsom signs law that could cap oil profits

(CALMATTERS) – Gov. Newsom’s six-month war of words against the oil industry has finally come to an end. For now. On Tuesday, the governor at last signed a law that could someday put a cap on oil industry profits, reports CalMatters’ Alexei Koseff, who was at the state Capitol where Newsom gathered alongside legislative allies for the ceremony. Newsom, in a tweet: “California now has the strongest oversight and accountability measures on Big Oi…