California goes after gasoline price-gouging

Presumably court challenges will be filed next week, although they should fail as most states already have general price-gouging laws on the books. What is really needed, though, are tough, even brutal, federal laws dealing with collusion and price-fixing for everything, especially in the commodities markets.

In a swift manner of action, California has passed a law that prohibits companies from price gouging at the gas pump, meaning companies will face civil penalties for hiking up fuel costs. The new bill also establishes an independent watchdog division within the California Energy Commission (CEC) and gives CEC authority to impose penalties as needed.

According to the office of California Governor Gavin Newsom, oil companies hiked state gas prices up to $6.42 per gallon in 2022. This was $2.61 per gallon more than the average cost per gallon nationally. In the same year, oil and gas companies reported record profits in the trillions of dollars. - EcoWatch