California Department of Insurance reports and market analysis

California Lawmakers Pass Bill to Raise Gas Prices by $0.65 per Gallon Amid Criticism

Oct 15, 2024, 02:30 PM

California lawmakers have voted to pass a bill that could significantly raise gas prices in the state. Governor Gavin Newsom's administration is pushing new regulations that could add up to $0.65 per gallon to gasoline prices. Critics argue that the bill destabilizes the fuel market and will not lower prices. The Western States Petroleum Association (WSPA) has labeled the bill as a smokescreen for future government gas price hikes. Additionally, California drivers are facing a 54% increase in auto insurance rates by the end of 2024. The new gas price regulations could also impact neighboring states like Nevada, which relies on California for its fuel supply. The Republican minority in California is actively opposing the bill, arguing that it will hurt all Californians, including those who drive electric vehicles due to the increased cost of goods. Newsom's bill passed with the bare minimum of 41 votes.