Holding Big Oil Accountable
With millions of Californians struggling financially with high gas prices, my colleagues and I, together with Governor Gavin Newsom, advanced legislation to hold Big Oil accountable for exploitative and unethical price hikes at the expense of everyday, hard-working Californians.
Last year, oil companies made more than $200 billion in profits - a level of profit made possible at a cost to Californians, who experienced record high gas prices - $2.61 per gallon higher than the national average. The frustrating reality is that despite the cost of crude oil going down and no changes to state taxes, fees, or regulations, California continued to foot the bill for these sky-high prices.
In signing SB X1-2 earlier this week, Governor Newsom is leading our state’s effort to prevent oil companies from continuing these unfair practices by establishing the strongest and most effective market transparency and oversight measures in the nation. This impactful piece of legislation was largely led by members of the California Legislative Progressive Caucus.
SB X1-2 will enable us to hold oil companies accountable for price gouging, implementing an independent watchdog that will monitor California's petroleum market to ensure that oil corporations are not taking advantage of Californians. The bill will also authorize the California Energy Commission (CEC) to create a penalty to hold the industry accountable for unethical price-gouging activity. For more, read this.
Should you have any questions or concerns regarding this or any other state matter, please do not hesitate to call my office at one of the numbers listed below:
Los Angeles: (213) 483-5252
Sacramento: (916) 319-2052
Assemblymember, District 52
Chair, Assembly Budget Subcommittee No.4 on State Administration
Chair, Select Committee on Latina Inequities
Vice Chair, Legislative Progressive Caucus