A new California law requiring increased fuel storage at refineries could lead to higher gas prices, economic decline, and job losses. Critics argue the mandate is unrealistic and will harm businesses and consumers.
California Gov. Gavin Newsom signs legislation at the state Capitol on Monday, Oct. 14, 2024, aimed at boosting Newsom’s profile. refineries maintain an unspecified amount
of gas and diesel inventories. As typical in the Democrat 80% supermajority legislature, it was rushed in a month, passed with ABX2-1 doesn’t define the inventory refineries will need to maintain. The energy commission in August, before the bill was introduced, suggested aholds up to 714 million barrels of crude oil, a 90-day supply of imports, in salt caverns in Texas and Louisiana. It is politically popular.are located in built up urban areas along the coast in Contra Costa and Los Angeles Counties.
Refineries are unlikely to make capital investments in the hostile regulatory environment, and the state won’t pay for its storage mandate either. Therefore refineries will likely reduce production to meet required inventory. Lower supply, the same demand, fuel prices increase.will increase and all economic activity will decrease. In the current economy, Californians will prioritize driving to work at the expense of everything else, hurting the middle class and small businesses..
Gas Prices California Economy Energy Policy Refinery Mandates Newsom Administration
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