California lawmakers to vote on possible gas price penalties

California lawmakers are preparing to vote on whether to allow penalties on oil companies for price gouging. The bill would empower state regulators to penalize oil companies if their profits surpass a certain threshold. Regulators would decide what that threshold is and how much the penalty would be. The bill is a response to price spikes last summer that caused some drivers to pay up to $8 per gallon. The oil industry opposes the bill, saying it will only increase prices. The bill is scheduled for a vote on Thursday in the state Senate. The state Assembly is likely to vote on the bill next week.