SACRAMENTO, Calif. (AP) — Chevron has not complied with a new California law requiring it to disclose how much money it is making from selling gasoline in the state, setting up a showdown with state regulators over data that Gov. Gavin Newsom's administration requested in order to impose the nation's first penalty on excessive oil profits.
The law requires oil companies to report their monthly “gross refining margin," meaning the difference between how much refineries paid for crude oil and how much the company sold it for as gasoline.
State lawmakers and regulators believe that the data will give them a clearer picture of what has driven sharp increases in California's gas prices, which are consistently the highest in the nation. The average price for a gallon of gas in California on Tuesday was $4.90, which is $1.44 higher than the national average, according to AAA.
California's average price-per-gallon for gasoline hit an all-time high last sum...