California energy regulator recommends pause on plan to penalize excess oil profits

A California Energy Commission official is recommending a pause on Gov. Gavin Newsom's plan to penalize oil companies if their profits climb too high. The commission's vice chair announced the recommendation Friday while unveiling proposals aimed at addressing high gas prices. Energy regulators still plan to set rules that would require oil refineries to keep a minimum level of fuel on hand to avoid shortages when refineries go offline for maintenance. The goal is to prevent gas prices from spiking. California has the highest gas prices in the nation.