California Governor Gavin Newsom signed a new law (Assembly Bill X2-1) aimed at controlling gasoline price spikes by increasing oversight of refinery maintenance and potentially requiring operators to maintain fuel reserves. Newsom pushed the bill after a previous attempt in August failed due to lack of time for legislative review. He called a special session, despite political concerns and opposition from organized labor, to pass the bill.
During the signing, Newsom criticized oil companies, accusing them of manipulating prices and supporting former President Trump in exchange for deregulation. The Western States Petroleum Association condemned Newsom’s remarks as divisive.
The Assembly passed the bill quickly, with a 42-16 vote, though Republicans and some Democrats opposed it, arguing that mandating fuel reserves could raise prices rather than lower them.
Recent Comments