Little progress on California’s plan to penalize oil profits

After gas prices in California spiked to more than $6.40 per gallon last summer, Gov. Gavin Newsom led a charge against an industry he says is “ripping you off.” Months later, it’s not clear if California’s Legislature is following him. Newsom, a Democrat, called lawmakers into a rare special session in December to pass what could be the nation’s first penalty on oil company profits. But the bill is still sitting in the Democratic- controlled Legislature three months later, with no details on how much the penalty would be or when oil companies would have to pay it.

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