Governor Newsom's Gas Price Gouging Proposal Clears Senate
3/23 2:46 PM
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. (c) Copyright 2023 DTN, LLC. All rights reserved.
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