A new state law went into effect Monday that will punish oil companies for profiting from price spikes.
Beaza Wolde commutes twice a week from Fresno and supports the new law.
“Gas is just ridiculous! I don’t want to pay $6 a gallon, but I am, almost,” she said.
The new law requires oil refineries to report mountains of new data to the state of California, including when they’re off-line and what their profits are. The California Public Interest Research group (CALPIRG) says it will make a difference over time.
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“What the bill does is create better transparency in the gas marketplace sot hat we can hold oil companies accountable for needlessly overcharging Californians and then actually penalize them for excess profits,” said Jenn Engstrom, CALPIRG state director.
“So Californians aren’t vulnerable to the greedy whims of big oil,” said Governor Gavin Newsom.
The Western States Petroleum Association says reporting 15,000 transactions per day to the new California Energy Commission will actually increase costs and state laws and regulations are to blame for interfering with the gas supply.
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Juliette's spent $10 for less than two gallons of gas. She seriously doubts the new law will make much difference.
“Food, gas, housing, clothing, everything. It’s just absurdly, grotesquely, outrageously priced,” she the Marin resident.
Both the Governor and CALPIRG say they look forward to the day when gas prices don’t even matter because vehicles will be powered by renewable energy and electricity.
