https://www.mercurynews.com/2023/03/16/gas-prices-newsom-scraps-profits-cap-on-oil-industry-price-gouging-proposes-new-watchdog-body/

Months after Gov. Gavin Newsom unveiled a plan to punish oil companies for reaping large profits during a California gas price surge, his office has scrapped the legislation and is instead looking to set up a new investigatory body and lengthy rule-making process to tame prices at the pump, which are once again nearing $5 a gallon.

Newsom’s original plan would have established a maximum profit margin on gasoline-producing oil refiners and issued civil penalties for excess profits. Any revenue generated would have been put into a “Price Gouging Penalty Fund” and sent back to Californians.