California Gov. Gavin Newsom, a Democrat, on Monday enacted legislation that would give state officials the power to monitor and direct refinery inventory levels to prevent gasoline prices from skyrocketing.
Newsom signs ABX2-1This allows regulators to require oil companies to have a minimum amount of fuel on hand, and the California Energy Commission (CEC) to require refiners to provide fuel during maintenance outages. You will be able to make it compulsory to make a plan. Supporters say the bill is an important step to prevent big companies from jacking up consumers’ prices at artificially high prices during times of supply shortages, while industry insiders say the bill is an important step to prevent oil and gas companies from jacking up prices at artificially high prices. They have accused the industry of political hostility.
“This new law makes big oil companies responsible for stabilizing pump prices. This is an important accomplishment, but our work is not done yet,” said California Assembly Speaker Robert, D-Calif.・Mr. Rivas talked about the new law. “I will continue to fight to lower the cost of living because housing, food, and household goods must be more affordable for all Californians.” (Related: Blue State Democrats Throw Wrench in Life Extension Plan for Zero-Emission Power Plants)
‘Resting on our laurels’: Newsom says high homelessness rate is due to state’s ‘own policies and inaction’https://t.co/k8SwVnQu4Z
— Daily Caller (@DailyCaller) August 24, 2024
Andy Walz, a senior executive at Chevron, slammed the new bill. Tuesday’s letter To a state legislator. Chevron chose to move its headquarters out of California in August, a decision Walz said was motivated in part by California’s challenging business environment.
“Chevron is concerned about the recent committee and Congressional passage of ABX 2-1 and seeks to address some of the inaccurate and flawed arguments made by its supporters as the Senate prepares for a vote. The politics that have characterized these lawsuits, including the unsubstantiated and frankly ridiculous claims that the industry is price gouging, are critical. This attitude must end,” Walz wrote in the letter.
Walz added, “Claims that regulation is justified because ‘high prices mean soaring profits’ are misleading.” “They overlook that it is the result of regulatory policy and fail to reflect the cyclical nature of the energy industry.” “Regulators remain obsessed with regulating business with more taxes, fees and higher demands,” industry group Western States Petroleum Association said in a statement Monday. “The new law has been abolished,” he said. statement.
California currently has the highest gas prices of any state in the United States. According to Convert to AAA gas price data. Many California Democrats have blamed corporate greed and such price fixing, but energy experts previously said strict environmental regulations and taxes on energy producers are the main cause of driving up these costs. -Explained to Kohler News Foundation.
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