SAN DIEGO — California is notorious for its high gas prices, but a new law now in effect has tools to root out price gouging.
Governor Gavin Newsom signed the law earlier this year after calling out the so-called “Big Oil” for fleecing families at the gas pump.
Since the law passed experts said California gas prices have dropped.
“This year we have seen moderate. They have been as low as 86 cents. California gas prices compared to U.S. gas prices, difference. On average California is about $1.08 more than the U.S. gas prices” said Jamie Court, the President of Consumer Watchdog.
He said the new law is all about deterrence, it now requires refineries to send in daily transaction reports to a new watchdog division.
They didn't have to do that in the past, they'll also have to report their profit margins every month.
“We are going to understand why prices are more than they should be. Compared to U.S. gas prices. Like I said, they should be no more than 78 cents more than U.S. gas prices but that’s consistently more than $1. We are going to figure that out and hopefully get those prices back,” said Court.
The first reports are expected to be reviewed in 30 days.
WATCH RELATED: Experts say oil companies are price gouging as gas prices are on the rise again (Feb 2023).
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