Price gouging at the pump? Oil firms will have to pay up for higher prices

After record gas prices in 2022, California will now have access to information from gas companies to determine if prices are fair

California lawmakers on Monday approved the nation's first penalty for price gouging at the pump, voting to give regulators the power to punish oil companies for profiting from the type of gas price spikes that plagued the nation's most populous state 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 that has spent millions of dollars to stop it.