SACRAMENTO, Calif. (AP) — California energy regulators Friday put the brakes on plans requiring oil companies to pay a penalty if their profits climb too high, a temporary win for the fossil fuel industry two years after the governor declared the state had “finally beat big oil.”

The postponement by the California Energy Commission until 2030 comes after two oil refineries accounting for roughly 18% of the state's refining capacity announced their plans to close in the coming months. The commission has the power to implement a penalty but has not done so since it was given that authority in 2023.

The penalty was considered a landmark piece of Democratic Gov. Gavin Newsom's government and the state’s ambitious goals to curb climate change. The state faces challenges in its efforts to take

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