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Energy company profits are soaring with the Iran war. Here's what California officials want to do
['Staff Writer', 'Blanca Begert Is A Climate', 'Energy Reporter For The Los Angeles Times.']
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In California, which consistently had the country’s highest gas prices before the war, prices are still hovering over $5.60 a gallon.
trade group opposes that, saying it would penalize California refiners that have already invested in making the cleaner fuel.
(Genaro Molina / Los Angeles Times)The California Energy Commission doesn’t agree.
California gas prices always run higher than national averages, but increases during the war are in line with national trends, it said.
Gavin Newsom signed in 2022 that allows the California Energy Commission to cap refinery profits.