California lawmakers approve nation's first penalty for gas price gouging
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California lawmakers on Monday approved the nation's first penalty for gas price gouging, voting to give regulators the power to punish oil companies for profiting from the type of price spikes that hit Californians last summer. The Democrats in charge of the state Legislature worked quickly to pass the bill on Monday, just one week after it was introduced. It was an unusually fast process for a controversial issue, especially one opposed by the powerful oil industry, which has spent millions of dollars to stop it. Democratic Gov. Gavin Newsom used his political muscle to pass the bill, calling for a special legislative session last December to pass a new tax on oil company profits after the average price of gas in California hit a record high of $6.44 per gallon, according to AAA. Taking on the oil industry has been a major policy priority for Newsom, who is viewed as a potential future presidential candidate. He is expecte