California’s latest law cracking down on fuel refiners in the state is likely to drive already-high prices at the pump even higher, according to several energy experts.
Democratic California Gov. Gavin Newsom signed ABX2-1 into law on Oct. 14, empowering state bureaucrats to require refiners to maintain certain inventory levels in an effort to prevent alleged price gouging by energy companies and adding to the list of anti-fossil fuel industry policies and regulations in the state. Along with rules already on the books, the new policy will further squeeze refiners and fuel producers, undermine supply and send prices even higher with the help of other costly rules on the books regulating the fossil fuel industry, according to several energy sector experts.
At about $4.64, California already has the highest per-gallon gas prices of any state in the U.S., according to AAA gas price data. In the week since the bill became law, Phillips 66 announced that it plans to close one of its refineries in the Los Angeles area in 2025, meaning that one of California’s nine refineries and 8% of the state’s available refining capacity will be closing down, according to the Los Angeles Times. (RELATED: What Has California’s War On Fossil Fuels Actually Accomplished?)
“Price spikes have cost Californians billions of dollars over the years, and we’re not waiting around for the industry to do the right thing — we’re taking action to prevent these price spikes and save consumers money at the pump,” Newsom said upon signing the bill. “Now, the state has the tools to make sure they backfill supplies and plan ahead for maintenance so there aren’t shortages that drive up prices. I’m grateful to our partners in the Senate and Assembly for acting quickly to push this forward and help deliver relief for Californians.”
However, Patrick De Haan, a prominent gas market analyst who writes for GasBuddy, rejects Newsom’s contention that energy companies are ripping off Californians. He instead places most of the blame for the state’s high energy costs at the feet of overzealous regulators and politicians. […]
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