California tries to cap oil company profits. Figuring out how is challenge
by Taryn Luna, Los Angeles Times
Feb 22, 2023
4 minutes
SACRAMENTO, Calif. — Nearly five months after Gavin Newsom initially called for a penalty on excessive oil company profits, the governor and lawmakers in Sacramento appear no closer to deciding how to prevent the kind of gasoline price spikes that Californians experienced last year.
At the first legislative hearing on the governor's proposal at the state Capitol on Wednesday, lawmakers shared concerns about potential unintended consequences of his desire to cap the industry's earnings.
Some oil market experts said wouldn't solve the problem — and one called it a "tax gimmick." Other economists agreed with the Newsom administration about demanding
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