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What will be the impact of the fuel stockpile legislation on gasoline prices in California by the end of 2025?
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California Energy Commission reports and average gasoline price data
Story
California's Newsom Proposes Fuel Stockpile Legislation to Prevent Price Spikes
Aug 15, 2024, 07:13 PM
California Governor Gavin Newsom has proposed legislation that would require oil refiners in the state to maintain stockpiles of gasoline and other fuels. This initiative aims to prevent supply shortages and stabilize prices for consumers, particularly during refinery outages. The proposal, if enacted, would authorize the California Energy Commission to enforce a minimum fuel reserve. Newsom's plan is part of broader efforts to hold oil companies accountable, prevent Big Oil 'profit spikes', and protect consumers from price spikes. The governor believes that by ensuring refiners maintain a gas reserve, Californians could save money at the pump annually.
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