California Governor Gavin Newsom and Department of Water Resources Director Karla Nemeth survey the damage from the Pajaro River levee breach in the community of Pajaro in Monterey County on Wednesday, March 15, 2023. (Courtesy: California DWR)
Months after Gov. Gavin Newsom unveiled a plan to punish oil companies for reaping large profits during a California gas price surge, his office has scrapped the legislation and is instead looking to set up a new investigatory body and lengthy rule-making process to tame prices at the pump, which are once again nearing $5 a gallon.
Newsom’s original plan would have established a maximum profit margin