Vince Fong: Newsom’s Big Oil penalties will have negative market impact

SAN DIEGO (KUSI) – Following a special session of California legislators on Dec. 5 called by Gov. Gavin Newsom, new proposed legislation was announced that would penalize Big Oil companies for price gouging.

Price capping like this was seen during the 80’s when restrictive penalties like this hiked the price of gas and forced states to rely on foreign countries for oil. .

Big Oil corporations made record sales in the years following the pandemic, during a time when the nation has struggled economically due to job losses, worker shortages, supply chain issues, etc.

Assembly member Vince Fong joined KUSI to discuss the potential affects of these penalties.

Categories: California News, Good Evening San Diego, Good Morning San Diego, Local San Diego News, Politics, Trending