Government
Aug. 16, 2023
California’s price gouging law could rein in big profits by big oil
For all its good, SBx1-2 does create one potential problem: it may trigger the filed rate doctrine, which would prevent parties from recovering damages based on overcharges by the gas companies.
Tim LaComb
Counsel
MoginRubin LLP
Email: tlacomb@moginrubin.com
Timothy focuses his practice on antitrust, unfair competition, and complex business litigation, particularly as they relate to mergers and acquisitions. Mr. LaComb has helped secure several multi-million-dollar recoveries in merger-related class action litigation.
Soaring gas prices and record profits for gas companies led California politicians to approve Senate Bill x1-2, which attempts to rein in profits in California’s gasoline market. This bill not only caps gross profit margins for gas companies, but also requires participants at multiple levels of the industry to provide meaningful disclosures, which should enable the Division of Petroleum Market Oversight (created by the bill) to identify most instances of price gouging...
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