Summary
California energy regulators have delayed a plan to fine oil companies if their profits become too high, with implementation now set for 2030. This decision comes as two major oil refineries in California, accounting for 18% of the state's refining capacity, are set to close. The plan was part of Governor Gavin Newsom's efforts to address climate change and manage fuel prices, while also maintaining stable and affordable gas supplies.
Key Facts
- California regulators postponed a plan to penalize oil companies for high profits until 2030.
- The plan was part of Governor Newsom's effort to combat climate change.
- Two oil refineries, making up 18% of California's capacity, are closing soon.
- High gas prices in California are partly due to taxes and regulations.
- Newsom's administration aims to balance climate goals with maintaining fuel supplies.
- The penalty for excessive oil company profits was authorized in 2023 but not implemented yet.
- California officials are focusing on fuel affordability and avoiding price spikes.
