Newsom makes abrupt reversal after tough talk on Big Oil

[rangerrebew]

Newsom makes abrupt reversal after tough talk on Big Oil
Story by Thomas Catenacci • Yesterday 3:32 PM
 
Democratic California Gov. Gavin Newsom made a sudden reversal this week on his effort to hit oil companies with price gouging penalties amid record-high gas prices and an energy crisis.

Newsom unveiled a proposal Thursday creating a new watchdog arm within the California Energy Commission (CEC) that would monitor daily petroleum market price fluctuations to ensure that market participants "play by the rules." The proposed CEC office would be granted broad authorities to analyze refinery data, subpoena for other information and directly refer cases to the state's attorney general.

"We’re making major progress with the Legislature to hold Big Oil accountable for fleecing Californians at the pump," Newsom said in a statement. "With a coalition representing hundreds of organizations and local leaders backing our proposal to impose strong and effective oversight measures on oil companies, the momentum is on our side to get this done for California families."

https://www.msn.com/en-us/money/markets/newsom-makes-abrupt-reversal-after-tough-talk-on-big-oil/ar-AA18LxQM?ocid=msedgntp&cvid=7acd447decdb466b9d2b9163fc266400&ei=15

[rangerrebew]

"Enacting SBX1-2 is not in the best interests of the consumer, will not reduce retail pump prices and is not in the best long-term economic interests of California," Michael Mische, a professor at the University of Southern California Marshall School of Business, said during a hearing last month. "There are better alternatives."

All good reasons Newsom will continue to push for it, being the communist he is.