Very Slick Situation: Newsom's War On Oil Companies Has People FUMING

By Vickie Ferguson | Monday, 27 February 2023 08:35 AM
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Very Slick Situation: Newsom's War On Oil Companies Has People FUMING

At a state hearing earlier in the week, Democratic Governor Gavin Newsom of California was met with criticism across the board as Democrats, Republicans, and experts balked at the proposal of punishing refining companies and oil exploration, according to a report by Fox News.

The proposal put forth in December by Democratic state Senator Nancy Skinner and backed by Governor Newsom didn’t get a positive reaction to SBX1-2. The hearing hosted by the Senate Committee on Energy, Utilities, and Communications was to determine if the legislation would be put in place and a financial penalty imposed if it was determined increases to gasoline prices rose excessively.

Newsom announced punishment of oil companies would be aggressive for their role in “lying and gouging Californians to line their own pockets.”

Professor Michael Mische of the University of Southern California’s Marshall School of Business said, “Enacting SBX1-2 is not in the best interests of the consumer, will not reduce retail pump prices, and is not in the best long-term economic interests of California.” “There are better alternatives.”

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Mische added that the bill “will only make matters worse for the California consumer: and “serve as a disincentive for investing in supply and new technologies for the refiners.” “Enacting it will reduce supply, force out producers and reduce employment in a high-paying sector.” Mische’s opinion was the bill would increase the price of gas and energy.

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CEO and President of the Western States Petroleum Association Catherine Reheis-Boyd added her criticism and comments of Skinner’s proposal during the hearing. Reheis-Boyd said, “Our industry is strongly opposed to Senate Bill X1-2 because it misguidedly focuses on profits rather than the root cause of price spikes - a lack of supply.” “The way to address prices and provide relief at the pump is to increase a reliable and safe supply.”

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According to Politico, Democrats also expressed concern about the proposed legislation. Senator Steve Bradford said, “In our pursuit to address gasoline prices, we must ensure the actions that we take first do no harm to consumers.”

State Senator Dave Min added, “There is clearly a belief out there among many people that oil companies were profiting off the backs of Californians.” “At the same time, we don’t really have a smoking gun, as far as I can see, that shows intentional collusion.”

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When the hearing concluded, Newsom said, “Big Oil’s lobbyists again used scare tactics and refused to provide answers or solutions to last year’s price spikes” and that “even in a panel of experts, the oil industry’s influence was on full display.”

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