To stop price spikes at the gas pump, Gov. Newsom wants oil companies to maintain minimum fuel reserves

  • 📰 OakTribNews
  • ⏱ Reading Time:
  • 50 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 51%

Sverige Nyheter Nyheter

Sverige Senaste nytt,Sverige Rubriker

California Gov. Gavin Newsom on Thursday announced a first-in-the-nation plan to require petroleum refiners to maintain a minimum fuel reserve to avoid supply shortages that create higher prices at…

The Phillips 66 San Francisco Refinery in a drone view in Rodeo in 2022. California Gov. Gavin Newsom announced a first-in-the-nation plan to require petroleum refiners to maintain a minimum fuel reserve to avoid supply shortages. California Gov. Gavin Newsom on Thursday announced a first-in-the-nation plan to require petroleum refiners to maintain minimum fuel reserves to avoid supply shortages he says create higher prices at the gas pump.

A spokesperson for Newsom said the governor’s office is working with the state legislature on a bill to put the plan in place and that they expect it to be taken up in the current session, but some experts say that might be too fast. Newsom said that if the new plan had been in effect in 2023, Californians would’ve saved upward of $650 million in gas costs due to refiners’ price spikes.A customer fills up at a Chevron gas station on Thursday, Aug. 1, 2024, in Danville. California Gov. Gavin Newsom announced a first-in-the-nation plan to require petroleum refiners to maintain a minimum fuel reserve to avoid supply shortages.

A rule to establish a financial penalty on price gouging has yet to be put in place, but the state says the law is still working. This summer, Californians spent an estimated $728 millionthan the same period last year. The new proposal would further protect consumers at the pump and help stabilize the market for the long-term, Newsom said.

 

Tack för din kommentar. Din kommentar kommer att publiceras efter att ha granskats.
Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer:

 /  🏆 597. in SE

Sverige Senaste nytt, Sverige Rubriker