California Lawmakers Target Oil Companies Amid Record Profits

California lawmakers are renewing their push against oil companies after several major firms posted record-breaking profits. Chevron, Marathon Petroleum, and Valero reported second-quarter earnings of $12.1 billion, $5.1 billion, and $3.7 billion respectively.

The high profits come as California motorists continue to pay some of the highest gasoline prices in the nation, with gas prices staying above $5.60 a gallon.

State Senator Josh Becker and state Senator Benjamin Allen have introduced a bill that would classify war as an emergency under California's price-gouging law, limiting price increases to 10% above pre-emergency levels.

A separate proposal by State Senator Henry Stern would allow the sale of regular gasoline instead of California's special blend and impose a fee to fund programs such as electric vehicle rebates.