Public announcements or press releases from major oil refineries operating in California

California Governor Signs Law to Prevent Gas Price Spikes, CARB Votes to Raise Prices by 65 Cents

Oct 14, 2024, 12:30 PM

California Governor Gavin Newsom has signed a new law aimed at preventing gas price spikes by requiring oil refineries to maintain minimum fuel reserves and plan ahead for maintenance outages. The bill, which passed the state Senate with a 23-9 vote and received final approval from the Assembly with a 41-16 vote, is part of Newsom's broader effort to address high fuel costs in the state. Despite the measure's approval, there are concerns that it could lead to higher gas prices, with critics arguing that the new requirements will be costly for refineries to implement. Newsom has defended the legislation, stating that it will provide more tools to hold the oil industry accountable and protect consumers from price gouging. The California Air Resources Board (CARB), appointed by Newsom, has also been involved in recent decisions that could impact gas prices, including a vote to increase prices by 65 cents per gallon.