Newsom makes abrupt reversal after tough talk on Big Oil

Democratic California Gov. Gavin Newsom replaced his proposal to implement a price gouging tax targeting oil companies with a new version creating a new watchdog agency.

"We’re making major progress with the Legislature to hold Big Oil accountable for fleecing Californians at the pump," Newsom said in a statement. "With a coalition representing hundreds of organizations and local leaders backing our proposal to impose strong and effective oversight measures on oil companies, the momentum is on our side to get this done for California families." Thomas Catenacci is a politics writer for Fox News Digital.

"What we’re asking for is simple: transparency and accountability to drive the oil industry out of the shadows," he continued. "Now it’s time to choose whether to stand with California families or with Big Oil in our fight to make them play by the rules."