California regulator delays oil refinery profit cap for five years

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Oil and Gas Industrial zone,The equipment of oil refining,Close-up of industrial pipelines of an oil-refinery plant,Detail of oil pipeline with valves in large oil refinery.

Rangsarit Chaiyakun/iStock via Getty Images

The California Energy Commission voted Friday to delay implementing a profit cap on the state's refiners until 2030, removing for now one of the most prominent pieces of Gov. Gavin Newsom's 2023 push to rein in oil companies and mitigate price spikes

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