Governor Newsom's Gas Price Gouging Proposal Clears Senate


   
   OAKHURST, N.J. (DTN) -- California Governor Gavin Newsom today thanked the 
Senate for their quick action following the passage by 30-8 vote of his special 
session proposal on gasoline price gouging.

   Authored by Senator Nancy Skinner, D-Berkeley, and co-sponsored by Attorney 
General Rob Bonta, the measure creates an independent watchdog group within the 
California Energy Commission charged with monitoring California's petroleum 
market on a daily basis while also authorizing the CEC to set a price gouging 
penalty. The measure creates new transparency over refinery shutdowns, 
transactions that compose the crucial spot market where retail prices are set, 
export and import activity, pipeline activity, and other industry aspects.

   Consumer Watchdog has said the most important provision of SBx12 is the new 
ledger to be kept for transactions on the gasoline spot market. Regulators will 
have to be informed of all trades to make sure the spot market is not 
manipulated.

   According to reports, the measure could head to the State Assembly as early 
as Monday.




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