California Gov. Gavin Newsom (D) on Monday evening unveiled a proposal that would penalize oil companies for "excessive profits" in the Golden State. Newsom introduced the so-called “price gouging penalty” alongside state Sen. Nancy Skinner (D) in a move they said would “deter excessive price increases and keep money in Californians’ pockets.” “California’s price gouging penalty is simple – either Big Oil reins in the profits and prices, or they’ll pay a penalty,” Newsom said in a statement. The proposal comes as California’s legislature kicks off a special session, initiated by the governor, to address the issue of price gouging. California, which also has among the highest g
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