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Classified in: Oil industry
Subject: AVO

Consumer Watchdog Reports: Gov and Legislature Strike Deal on Price Gouging Penalty, Oil Refiner Transparency; CA To Be First State In US To Rein In Refiner Profiteering

LOS ANGELES, March 20, 2023 /PRNewswire/ -- Governor Newsom and California legislature leaders have reached a deal to push through a new oil refiner accountability law including a price gouging penalty before the legislature adjourns on April 1.

"This is a landmark deal that will give California power to stop the price gouging at the pump that has plagued Californians for decades," said Jamie Court, President of Consumer Watchdog. "This will make California the first state in the nation to have the power to impose a price gouging penalty on refiners and to demand this level of transparency from them.

"The Governor and legislature are to be congratulated on a deal that gets needed information into the hands of regulators to prevent the price spikes that have targeted Californians and to arm the regulators with the power of penalty when price gouging occurs," Court continued. "This legislation will give regulators the ability to see behind the curtain of gasoline pricing in California and to punish oil refiners when they profiteer off Californians.  The California Energy Commission will need be on its game and Consumer Watchdog will be there to make sure it carries out these vital new functions effectively and efficiently."

The agreement includes:

Among the most important provisions of the law is the new ledger to be kept for transactions on the gasoline spot market. Regulators will have to be informed of all trades to make sure the crucial spot market -- where the price retailers pay oil refiners for the gas is set -- is not manipulated.  For more on the spot market read Consumer Watchdog's recent LA Times commentary.  


SOURCE Consumer Watchdog

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