Political and Legislative

Governor Newsom’s Proposal to Cap Oil Profits in California Met With Skepticism in First Public Hearing

Gov. Gavin Newsom’s proposal to cap oil companies’ profit margins in California met a dose of skepticism at its first public hearing Wednesday before a state Senate committee.

Senators expressed concern about high prices, but none have yet appeared willing to go as far as Newsom in imposing a penalty for what he has called “price gouging” and industry “greed.”

Sen. Steve Bradford (D-Gardena), the committee’s chair, summed up a fear held by others on the committee as they paged through charts and documents and listened to detailed explanations for prices that are typically among the highest in the nation.

Read the source article at politico.com

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