Newsom makes abrupt reversal after tough talk on Big Oil

California Gov. Gavin Newsom unveiled a proposal to create a watchdog arm within the California Energy Commission.

The watchdog would monitor daily petroleum market price fluctuations to ensure that market participants "play by the rules" However, Newsom's proposal represents a pared-back version of a separate proposal to punish oil companies.

Experts and state lawmakers have expressed concern that the legislation would have unintended consequences.