California Gov. Gavin Newsom on Thursday announced a first-in-the-nation plan to require petroleum refiners to maintain a minimum fuel reserve to avoid supply shortages that create higher prices at…
Fuel price sign at a Chevron gas station on Thursday, Aug. 1, 2024, in Danville, Calif. Gasoline prices have been declining across the Bay Area in recent months. California Gov. Gavin Newsom on Thursday announced a first-in-the-nation plan to require petroleum refiners to maintain a minimum fuel reserve to avoid supply shortages he says create higher prices at the pump.
“Price spikes at the pump are profit spikes for Big Oil,” Newsom said in a statement. “Refiners should be required to plan ahead and backfill supplies to keep prices stable, instead of playing games to earn even more profits. By making refiners act responsibly and maintain a gas reserve, Californians would save money at the pump every year.”The CEC found that last year, there were 63 days when California refiners maintained less than 15 days of gas supply — driving up prices.
Newsom’s proposal comes just a year after the California Gas Price Gouging and Transparency Law went into effect. The law aims to protect Californians from gas price gouging by creating an independent watchdog to root out potential gouging and authorizing regulators to penalize the oil industry for wrongdoings.Troubled trail ahead for San Onofre’s spent nuclear fuel
Oil representatives have been steadfast in their opposition to the law and have spoken out against penalties and caps on oil companies in California.
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