California Targets Oil Industry With Profit Cap

California legislators have tabled a bill aimed at extracting more money from oil companies who they blame for excessive gasoline prices in the state, local media report. Per the Sacramento Bee, the bill was proposed by Democratic Senate Chairwoman Nancy Skinner at the request of Governor Gavin Newsom. In essence, it involved setting a cap on oil companies’ profits, above which ceiling they would be penalized and the money collected from these penalties would be returned to consumers in the form of rebates. “California’s price…