Additional Coverage:
- California Gov Newsom signs bill to combat surging gas prices: Big Oil has ‘been fleecing you for decades’ (foxbusiness.com)
California Enacts Law to Curb Gas Price Surge
Governor Gavin Newsom has signed a bill into law to address California’s soaring gas prices. The legislation aims to prevent fuel shortages by requiring oil refineries to maintain minimum inventory levels.
The law also grants the Energy Commission authority to regulate backup fuel supply and maintenance for refiners. It also approves scheduled maintenance times to avoid supply disruptions.
Newsom Blasts Oil Companies
Newsom accused oil companies of profiting at the expense of struggling Americans. He stated that they have manipulated the market for decades, resulting in inflated gas prices.
Industry Opposition
The Western States Petroleum Association opposed the legislation, calling it a “smokescreen” that fails to address the root causes of high gas prices. The association criticized the government’s reliance on regulations and taxes, arguing that they increase costs for consumers.
State Legislature Passes Bill
The bill was introduced by Newsom in August and passed by the state legislature in a special session. It aims to prevent price spikes during supply shortages.
Newsom Denounces Big Oil
Newsom further criticized oil companies, accusing them of prioritizing profits over consumer needs. He stated that they have misled consumers by claiming that California’s high gas prices are solely due to state policies.