California Bill Addresses Gas Price Spikes
California Bill Addresses Gas Price Spikes

California Bill Addresses Gas Price Spikes

News summary

California lawmakers have advanced a bill (ABX2-1) requiring oil refiners to maintain minimum fuel inventories to prevent sudden gas price spikes, passing it with a 44-18 vote. Proponents, including Assemblymember Gregg Hart, argue that this legislation will save consumers billions and promote proactive planning among refineries. However, opponents, including the Western States Petroleum Association, warn that it could lead to artificial shortages and increased gas prices, complicating refinery operations. Consumer Watchdog commended the bill as a necessary measure against price gouging, while concerns about potential new air quality regulations could simultaneously raise gas prices by 45 cents per gallon in 2025. The bill is now headed to the state Senate for further consideration, where it is expected to garner enough support to pass. As the state navigates these legislative changes, the ongoing debate highlights the tension between consumer protection and the operational realities of the oil industry.

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Last Updated
118 days ago
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