After the failure of his green agenda and rising gas prices, Newsom seeks to further intervene with private oil companies
California's governor called a "special session to help prevent gas price increases." In a statement he argued that, "price spikes are profit spikes for oil companies."
Gavin Newsom
California Governor Gavin Newsom is known for implementing his progressive policies in the state, which have generated controversy and in many cases chaos in citizens' pockets and lives.
Newsom and his administration's war against gas vehicles - and therefore the oil companies - is not something new. It has been years in the making and has resulted in extreme increases in fuel prices (among other things).
After years of skyrocketing fuel prices, the governor called a "special session to give legislative partners more time to act on legislation to help prevent gas price increases and save Californians hundreds of millions of dollars at the pump annually."
To "help prevent gas price increases," however, is nothing more than government intervention in oil companies.
Refineries ... must "prevent price spikes"
In an official statement the governor's office argued that, "price spikes at the pump are profit spikes for Big Oil. Refiners should be required to plan ahead and backfill supplies to keep prices stable, instead of playing games to earn even more profits. By making refiners act responsibly and maintain a gas reserve, Californians would save money at the pump every year."
The governor's special session will focus on approving the governor's plan to save Californians money at the pump. It would authorize the California Energy Commission (CEC) to require petroleum refiners to maintain a minimum inventory of refined fuel throughout the distribution chain to avoid supply shortages that create higher prices at the pump for consumers (among other requirements).
The increase was "caused by a suspicious transaction in the market"
Newsom's statement goes on and explains the reasons why - according to his investigations - the cost has been rising: "After the gasoline price increases in 2022, Governor Newsom called for a special session and worked in partnership with the Legislature to sign a package of reforms that held Big Oil accountable. California's new watchdog found that the increase in gasoline prices was caused by a suspicious market transaction, refinery maintenance without adequately preparing for it and more."
The state's gasoline price watchdog also found that, in 2023, gasoline prices increased largely due to refineries pulling the plug without properly planning for supply backfilling.
LATEST
