8 Hrs
Source:
Los Angeles Times
California officials target rising oil profits
Oil refiners and companies have reported record profits due to soaring fuel prices amid global tensions, prompting California legislators to propose measures to limit industry profits and address high gasoline costs. Major refiners like Chevron, Marathon, PBF Energy, and Valero have seen profits multiply compared to the previous year, with some earning billions in a single quarter. Legislators are debating proposals to cap profits and relax environmental requirements, while critics argue that high prices result from market factors and existing regulations, with some actions potentially reducing fuel availability and increasing costs for consumers.
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