Oil

A revised proposal by Governor Gavin Newsom will get its first hearing in a Senate committee Wednesday, six months after he first proposed capping profits to reduce dramatic price spikes at the pump.

The Newsom administration announces it will go through the state Energy Commission instead of the Legislature for a penalty on windfall profits of oil refiners.

A proposal from Governor Gavin Newsom to impose a “price-gouging penalty” on oil companies in response to record gas prices last year received a skeptical reception from state lawmakers during its first hearing Wednesday.

When might Californians get more details about Gov. Gavin Newsom’s proposal to enact a windfall profits tax on oil companies, which newly elected state lawmakers are set to consider in a special legislative session beginning on Dec. 5?

Supporters of the referendum effort need to gather just over 623,000 signatures by Dec. 15 to get it on the 2024 general election ballot. If successful, the law would be put on hold until that election instead of going into effect this coming January.

The 2 million bpd cut in oil production was backed by Saudi Arabia and could benefit Russia. The OPEC+ meeting took place as much of the world is battling soaring energy costs and rising inflation.

Pipeline deliveries, which are critical to Hungary, Slovakia and the Czech Republic, won't be affected by the ban. The much more complicated issue of Russian natural gas remains unresolved.

The European Union wants to sharpen its sanctions against Russia. But its leaders acknowledge Europe's economy could suffer.

President Biden described the move as a critical step to punishing Russian President Vladimir Putin for invading Ukraine, but said as a result, Americans should prepare for price hikes at the pump.

The White House emphasized the importance of maintaining a steady global energy supply amid Russia's war on Ukraine.

California’s environmental justice law is supposed to clean the air for 15 hot spot communities, home to almost 4 million people. But after more than 4 years and $1 billion, it’s still impossible to say whether it’s worked.

Despite pledging to take action on climate change at the international event, the Biden administration says its hands were tied after a federal judge stopped its attempt to pause the leasing program.