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AP National Business

New California gas price law another defeat for oil industry

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Published 4:53 PM

By ADAM BEAM
Associated Press

SACRAMENTO, Calif. (AP) — California Gov. Gavin Newsom has signed a new law that could penalize oil companies for making too much money. The law is in response to record high gas prices last summer while oil companies made enormous profits. Newsom is scheduled to sign the bill into law Tuesday. It’s the latest in a string of legislative defeats for the oil industry. California was once one of the leading oil producers in the United States. Today, a separate California law requires the state to be carbon neutral by 2045. California also plans to ban the sale of most new gas-powered cars by 2035.

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