California Governor Gavin Newsom signed Assembly Bill X2-1 into law on Monday, enacting new legislation aimed at regulating fuel storage and refinery maintenance in California to prevent gas price spikes. The bill mandates oil refineries to maintain a minimum fuel inventory and allows the California Energy Commission to oversee maintenance schedules.
While Newsom argues this will save consumers hundreds of millions annually, opponents, including some Democrats and the Western States Petroleum Association, warn it may lead to higher prices and job losses in the industry.
Learn more about the all-new VT News and subscribe today!
“They continue to lie, and they continue to manipulate,” Newsom said of the oil industry during the signing ceremony. “They have been raking in unprecedented profits because they can.”
Critics have also raised concerns about potential impacts on worker safety due to increased storage requirements.
The bill, which received bipartisan criticism, will come into effect on January 13, 2025. Despite the opposition, Newsom remains firm that the measure is essential to protect consumers from market manipulation by oil companies.
Add comment