California’s special legislative session came to an end Monday with a victory for Gov. Gavin Newsom and Democrats pushing for gas price regulation.
The new law will require refineries to keep a minimum amount of gas in storage in case of repairs or emergencies as part of an effort to prevent impromptu price hikes. The governor and Democratic lawmakers are celebrating, oil companies aren’t happy and drivers are hoping to see some positive results.
Despite the success the governor touts, UC Berkeley professor and Faculty Director for the Energy Institute at the Haas School of Business Severin Borenstein doubts this new law will be the relief consumers crave. Borenstein said. “It will potentially help during some of the big price spikes we've seen over the last couple of years. Those price spikes don't occur very often.”Get Los Angeles's latest local news on crime, entertainment, weather, schools, COVID, cost of living and more. Here's your go-to source for today's LA news.Many of the details of the new law are not yet clear.
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