Sophie Austin.

California energy regulators are postponing implementation of a penalty on oil companies if their profits climb too high. The state Energy Commission passed the measure Friday. It will last for at least five years. The move comes as the state is contending with how to advance its climate goals while ensuring a stable and affordable fuel supply. Democratic Gov. Gavin Newsom’s administration is also proposing to temporarily streamline approvals of new oil wells in existing oil fields in an effort to maintain a stable fuel supply.