California lawmakers OK potential fines for high gas prices

By ADAM BEAM
Associated Press

SACRAMENTO, Calif. (AP) — California lawmakers have approved the nation’s first penalty for price gouging at the pump. The state Assembly passed a bill on Monday that would empower state regulators to punish oil companies for profiting from price spikes. The bill now heads to Gov. Gavin Newsom, who has said he will sign it into law. The bill is in response to a price spike last year that saw the average price for a gallon of gasoline hit $6.44 in California. The oil industry says the bill will decrease supply and cause prices to increase. The bill also requires oil companies to disclose more data on their pricing.