Attorney General No.
Secretary of State No.
Creates seven member Commission to regulate privately owned petroleum companies, whether publicly traded or privately held. Three commissioners appointed by Governor; remainder elected. Commission shall: establish maximum rates for petroleum fuels sold in California; license petroleum producers/facilities; set license fee; determine need for additional facilities and may order their construction as condition of license renewal; determine whether petroleum facilities may be abandoned/sold; limits cumulative profits of producers/facilities to 5% above costs; promote use of petroleum alternatives; provide consumer complaint forum; adopt regulations; establish/collect civil penalties; refer criminal violations to district attorney. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: This measure could potentially result in annual state costs of up to $40 million for regulatory, planning and other activities of the Commission, partially offset by fee revenues; its net fiscal impact is unknown, but could result in reductions in state and local revenues to the extent that petroleum price regulation results in decreases in profits and possibly petroleum availability, investment and economic activity generally. These reductions would be potentially offset, to an unknown extent, by revenue increases resulting from increased economic activity generated by lower retail petroleum prices to consumers.
Celes King, P.O. Box 221056, Newhall, CA 91322, (323) 841 -1440
Failed to Qualify
California Petroleum Commission. Initiative Statute California Initiative 1074 (2005).