California’s Windfall Profits Penalty Bill on Oil Companies Sails Through State Senate
California’s first-of-its-kind bill to cap oil company profits and regulate the industry easily won approval March 23 from the state Senate as it moves to the Assembly and near-certain passage.
Democrat Gov. Gavin Newsom’s campaign to punish oil companies for charging record-high prices at the pump last year in the state—reaching $9 a gallon in some cases—has gained overwhelming public support and unanimous approval by Democrat senators.
The bill cleared Senate committees and the Senate floor on a party-line 30–8 vote at about 10:30 a.m. on Thursday, about 21 hours after the latest version was introduced.
Senators suspended their operating rules to quickly pass Newsom’s proposal….