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California energy regulators pause efforts to penalize oil companies for high profits
California delays refinery profit cap enforcement to 2030 due to refinery closures reducing 18% of capacity, aiming to stabilize fuel supply amidst highest U.S. gasoline prices, 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.
56 Articles
56 Articles
Oil Industry Gains Ground in California Regulatory Battle
In a rare win for the oil and gas industry in California, the state’s regulators are expected to delay the enforcement of a cap of refinery profits, Bloomberg reports, citing sources with knowledge of the plans. The California regulator, the California Energy Commission, plans to vote on Friday a five-year delay to the so-called refinery profit cap, passed in the state in 2023 with the goal to limit spikes at the pump for Californian residents.…
Telemundo Fresno
SACRAMENTO, California – California’s energy regulators stopped Friday plans to demand that oil companies pay a fine if their profits increase too much, a temporary victory for the fossil fuel industry two years after the governor declared that the state had “finally surpassed the big oil companies.” The postponement by the California Energy Commission (CEC) to 2030 comes after two oil refineries, which represent approximately 18% of the state’s…
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