HOW IT WORKS:SBx1-2
(Skinner) This bill requires companies involved in the
petroleum industry (production, refining, sales, transportation)
to report specific data to the California Energy Commission
(CEC). Additionally, the CEC would be required to identify
market irregularities in the price of petroleum products that
indicate exorbitant prices are being charged for the product.
Finally, the CEC will be authorized asses a penalty on companies
that are found to be in violation of the statutes enacted by this
bill. The bill will go into effect on June 26, 2023, as
required by laws governing the enforcement days of bills passed
in a special session of the legislature.
The Governor’s Office Indicated this bill is necessary because,
“When the law’s new transparency and oversight requirements go
into effect at the end of June, the state will begin receiving
more information than ever before, including last year when it
appeared that oil producers suppressed supply to drive up prices
and rake in record profits. Industry knows that the new
independent watchdog division will be closely monitoring them and
will refer any violation of law – including industry misconduct
or market manipulation – to the Attorney General for
prosecution.”
