California Lawmakers Target Oil Industry Amid Record Profits

California lawmakers are renewing their push against the oil industry after several major companies posted record second-quarter profits. Chevron reported $12.1 billion in profit, Marathon Petroleum brought in $5.1 billion, and Valero earned $3.7 billion.

The 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.

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

State Sen. Henry Stern has proposed allowing sales of regular gasoline instead of California's special blend and imposing a fee that could fund programs like electric vehicle rebates.