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California Passed a Law to Curb Spikes in Gas Prices. Why Isn’t It Using Those Powers Now?
California Energy Commission delayed profit-cap rules until 2029 despite rising prices and refinery closures, with drivers paying an unexplained premium of 41 cents per gallon, costing $59 billion.
- The California Energy Commission voted on Aug. 29 to delay enforcement of 2023 profit‑cap rules for five years, keeping them on hold until 2029.
- California's shrinking refinery base, including Valero's planned Benicia closure next month, tightened supply as the war with Iran pushed crude prices up by more than $25 a barrel.
- California's unused, first-in-the-nation policing system has never been invoked despite an energy commission oversight division finding a 41 cents per gallon premium costing drivers $59 billion.
- Severin Borenstein warned that capping refinery profits during shortages could backfire, and Newsom said his administration is working to keep gasoline flowing into Northern California after refinery closures, while Stanford researchers noted imports could offset lost production if permitting allows conversions.
- Ryan Cummings warned a prolonged refinery closure could push crude above $130 or $140 per barrel, driving California prices near $8–$10, while commissioners left open the option to reverse the delay last year.
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Associated Press News+14 Reposted by 14 other sources
California passed a law to curb spikes in gas prices. Why isn’t it using those powers now?
Three years ago, California built a first-in-the-nation system aimed at protecting drivers when oil markets turn calamitous. The Legislature passed it. Gov.
·United States
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Los Angeles Today - California's Unused Gas Price Tools Face Scrutiny Amid Soaring Costs
The state passed a law in 2023 to curb price spikes, but regulators have delayed implementing the rules as refineries close and global conflicts drive... The post Los Angeles Today – California’s Unused Gas Price Tools Face Scrutiny Amid Soaring Costs appeared first on .
Coverage Details
Total News Sources17
Leaning Left2Leaning Right1Center3Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 33%
C 50%
R 17%
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