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“Fighting to even the scales for California consumers”
SACRAMENTO — California Attorney General Rob Bonta and Governor Gavin Newsom today announced the signing of legislation to increase accountability and transparency in the gas industry. Today, surrounded by legislators and community leaders in the rotunda of the California State Capitol, Governor Gavin Newsom signed legislation cosponsored by Attorney General Bonta and authored by Senator Nancy Skinner to implement the strongest state-level oversight and accountability measures on Big Oil in the nation bringing transparency to California’s oil and gas industry, shining new light on the corporations that have for decades operated in the shadows while ripping families off and raking in record profits.
“Record high retail gas prices — and record-breaking profits for Big Oil — hurt those who can least afford it most of all,” said Attorney General Rob Bonta. “For too long, Californians have been left in the dark when it comes to the practices of the gas industry. And while oil companies have been lining their pockets, many Californians are struggling to make ends meet. I proudly stand with the Governor as he signs into law our cosponsored bill to bring accountability and transparency to the gas industry. Together, we are fighting to even the scales for California consumers and take this burden off their shoulders.”
Authored by Senator Nancy Skinner (D-Berkeley), co-sponsored by Attorney General Bonta and Governor Newsom and approved by a supermajority in both the Senate and Assembly, SBx1-2 creates a dedicated, day-in and day-out, independent watchdog to root out price gouging by oil companies and authorizes the California Energy Commission (CEC) to create a penalty to hold the industry accountable. The law will go into effect on June 26, the 91st day after the end of the special session.
Learn more about the new law here.
WHY TRANSPARENCY MEASURES MATTER: When the law’s new transparency and oversight requirements go into effect at the end of June, the state will begin receiving more information than ever before, including last year when it appeared that oil producers suppressed supply to drive up prices and rake in record profits. Industry knows that the new independent watchdog division will be closely monitoring them and will refer any violation of law — including industry misconduct or market manipulation — to the Attorney General’s Office for prosecution.