California Board to Vote on Fuel Standard Changes

California is facing potential increases in gas prices as the California Air Resources Board prepares to vote on changes to the Low Carbon Fuel Standard on November 8. Assemblyman James Gallagher has expressed concerns that these changes could raise gas prices by up to 50 cents a gallon, although the board denies it sets or predicts fuel prices, stating that any increases are determined by oil companies. Additionally, Governor Gavin Newsom's recent legislation aims to regulate fuel refiners by requiring them to maintain certain inventory levels, which experts warn could further exacerbate supply issues and lead to higher prices. Phillips 66 has already announced plans to close a refinery in Los Angeles, potentially reducing California's refining capacity by 8%. Critics argue that while the law intends to prevent price spikes, it could result in higher costs for consumers in the short term, and the requirements may discourage investment from refiners in the state. Overall, California's regulatory environment is under scrutiny as it seeks to balance environmental goals with the economic impact on consumers.