Thursday, June 1, 2023

California passes a law that would punish oil companies for unfair pricing

Sacramento, Calif. – California Gov. Gavin Newsom has introduced a new law giving state regulators the power to punish oil companies for making too much money, the first of its kind in the country.

A few weeks ago, Newsom called the oil industry the second most powerful force in the world, second only to Mother Nature in her ability to bend the elements, both physical and political, to her will.

On Monday, the bill passed statewide with only one Democrat voting against it.

“With this legislation, the days of the oil industry are in the dark. California took on big oil and won: California Gov. Gavin Newsom said. He added that he was not only protecting families, but also “paying attention to the fact that big oil has played a role in politics for the last 100 years.”

The project is the latest in a series of defeats for the oil industry in California, since one of the goals of the current administration is to reduce carbon emissions into the atmosphere by 2045, which means a reduction in the demand for oil. the same day

While not considered a fossil fuel power state, California has been one of the top oil producers in the United States for decades, but production has declined since the 1980s. It is currently the seventh largest oil producer in the country according to federal data.

By 2035, new gasoline-powered cars cannot be sold, according to a law already passed in California. Last year, the state Legislature passed another bill limiting the drilling of new oil wells, providing buffer zones around homes, schools and other sensitive sites.

Next year, voters will decide whether to uphold or reject the law.

The government of the United States announced on Tuesday the sale of 15 million barrels of oil from its strategic reserves in order to lower the price of this fuel before the legislative elections on December 31, in which the Democrats’ control of Congress is at risk.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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