California eyes penalties for oil companies’ big profits

SACRAMENTO, Calif. (AP) — California could become the first state to fine big oil companies for making too much money. The proposal is a reaction to the oil industry’s supersized profits following a summer of record-high gas prices in the nation’s most populous state. Gov. Gavin Newsom and his allies in the state Legislature introduced the bill on Monday. But the proposal is missing key details. It does not say how much profit is too much or how much the fine would be for oil companies exceeding it. Newsom said those details would be sorted out after negotiations with the state Legislature.