Newsom's Plan to Prevent Pump-Price Spikes Faces 5-Year Delay

The article discusses California Governor Gavin Newsom's plan to prevent fuel price spikes, which has faced a significant delay. According to the article, the state is set to delay a cap on the profit margins of fuel producers, a move that is seen as a victory for the oil industry. The article explains that the cap, originally proposed as a measure to prevent price gouging and protect consumers, has now been pushed back by five years. This delay means that the oil industry will continue to operate without the proposed restriction on profits, potentially leading to higher fuel prices for Californians. The article suggests that this decision is a result of lobbying efforts by the oil industry, which has argued that the cap would lead to supply shortages and higher prices. The delay highlights the ongoing tensions between the state's efforts to regulate the energy sector and the industry's push to maintain its profitability.