California Lawmakers Debate Gas Price Proposal

California lawmakers are debating Governor Gavin Newsom's proposal to mandate oil refineries to maintain backup gasoline supplies in a bid to prevent price spikes, which he claims have cost consumers billions. Newsom's plan is met with skepticism from the oil industry, which argues that such regulations could create artificial shortages and ultimately increase gas prices. Critics, including economists, point out that California's high gas prices are largely due to taxes and unique fuel blends, rather than solely oil company practices. Regional governors from Arizona and Nevada have also voiced concerns, fearing that the mandate could drive up prices in their states. As lawmakers continue discussions, Newsom remains resolute, insisting that maintaining supply is crucial even as demand for gasoline declines in favor of electric vehicles. The debate highlights the complexities of California's energy market and the challenges of addressing high fuel costs.