California Senate advances bill to punish oil companies for ‘price gouging’

A first-in-the-nation bill to punish oil companies for profiting from price spikes at the pump breezed through the California Senate on Thursday at the urging of Gov. Gavin Newsom, the first major vote in an effort to pass the law by month’s end.

Newsom, a Democrat seen as a possible presidential candidate beyond 2024, reacted by attacking the oil industry, specifically the five companies that provide 97% of gasoline in the state. He asked the Democratic-controlled state Legislature to pass a new tax on oil company profits, arguing it would...