Gov. Gavin Newsom’s proposal to cap oil companies’ profit margins in California met a dose of skepticism at its first public hearing Wednesday before a state Senate committee.
Senators expressed concern about high prices, but none have yet appeared willing to go as far as Newsom in imposing a penalty for what he has called “price gouging” and industry “greed.”
Sen. Steve Bradford (D-Gardena), the committee’s chair, summed up a fear held by others on the committee as they paged through charts and documents and listened to detailed explanations for prices that are typically among the highest in the nation.
“In our pursuit to address gasoline prices, we must ensure our actions that we take first [do] no harm to consumers,” Bradford said.
It was the first public sign of trouble for a key Newsom initiative as he pursues a higher national profile and a possible future run for the presidency.
He announced the proposal to cap industry profits and called a special session of the Legislature last summer as gas prices spiked and national anxiety about inflation overall was at a peak.
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