California's recent law aimed at regulating oil profits has faced scrutiny as it hasn't successfully proven price gouging by oil companies amid record profits. Despite Governor Gavin Newsom's accusations and the establishment of an oversight division, state officials have not penalized any refiners. While the law is touted as reducing price spikes and promoting transparency, updates from the California Energy Commission have ceased, raising concerns about the reliability of the claims that the legislation is effective in regulating industry practices.
Governance over oil profits remains elusive, with California struggling to enforce transparency and tackle alleged price gouging despite new laws and public demands.
State leaders still argue the effectiveness of the law, citing flattened price hikes in gas but lack hard data to substantiate these claims.
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