California bill penalizing oil profits makes little progress

By ADAM BEAM
Associated Press

SACRAMENTO, Calif. (AP) — California lawmakers are having their first public hearing on a proposal to penalize some oil company profits. Gov. Gavin Newsom proposed the law in response to record high gas prices over the summer. Newsom unveiled the bill in December. But since then, it has not advanced in the Democratic-controlled state Legislature. The bill is still missing details on what the penalty would be and when oil companies would have to pay it. Newsom says he is negotiating those details with legislative leaders. Wednesday’s hearing is informational only. Lawmakers won’t vote on the proposal. Instead, they will hear testimony from witnesses on both sides.