New Minimum Gasoline Reserve Law Will Prevent CA Gasoline Prices Spikes And Should Be A Bellwether For Nation, Consumer Watchdog Says

SACRAMENTO, Calif., Oct. 14, 2024 /PRNewswire/ -- Consumer Watchdog hailed Governor Newsom's signing today of California's new gasoline minimum inventory law, ABX2-1, as a pivotal moment in the fight against California gas spikes and called on other states to follow suit with similar laws.

"The single most important thing California can do to prevent gasoline price spikes is to require adequate inventories when refineries go into periods of maintenance," said Consumer Watchdog president Jamie Court. "Governor Newsom rightly called a special session to make sure this critical protection for consumers takes effect in 2025, not 2026. Other states that want to protect against refiner profiteering, like Washington, would be well advised to adopt the same protections. The legislature answered the Governor's call over the objections of Chevron and the other three big refiners that make 90% of California's gasoline and sent a signal that California won't fall for the same old games that have plagued the state with price spikes for two decades. The problem has been well established since the time of the 2000 Attorney General Gas Pricing Taskforce but this is the first time any Governor has taken on the big oil refiners to make them play fair. Governor Newsom is to be congratulated for breaking through the taboo in Sacramento that you can't beat Big Oil. Other states should be encouraged to follow in California's footsteps."

Read more about how ABX2-1 can save Californians $1 billion or more per year and the fight for its passage.

SOURCE Consumer Watchdog