Newsom Plan To Scrutinize Oil Transactions Draws Cost, Process Queries

California Gov. Gavin Newsom’s (D) new compromise legislative proposal with Democratic leaders to scrutinize oil companies’ daily fuel transactions -- and penalize them if prices exceed a “maximum gross gasoline refining margin” -- is sparking questions about how the process will work and how it may ultimately affect gas prices. “Together with the Legislature, we’re going to hold Big Oil accountable for ripping off Californians at the pump,” Newsom said in a March 20 press release announcing the proposal. “Today’s...