The Office of the Governor of the State of California
10/11/2024 | Press release | Distributed by Public on 10/11/2024 12:56
Senate approves Governor Newsom’s special session proposal to stop gas price spikes
Oct 11, 2024
Senate approves Governor Newsom's special session proposal to stop gas price spikes
What you need to know: The Senate passed Governor Newsom's proposal to prevent gasoline price spikes in the special session called by the Governor, following the Assembly's passage last week.
SACRAMENTO - Today, the California Senate advanced Governor Gavin Newsom's special session proposal to prevent gasoline price spikes.
The Senate passage of ABx2-1 - authored by Assemblymembers Gregg Hart and Cecilia Aguiar-Curry and Senator Nancy Skinner - follows the Assembly advancing the measure last week. The bill allows the state to require oil refiners to maintain a minimum inventory of fuel to avoid supply shortages that create higher gasoline prices for consumers, and higher profits for the industry. It would also authorize the California Energy Commission to require refiners to plan for resupply during refiner maintenance outages.
"Californians are one step closer to getting the protections they need against Big Oil's price spikes. I'm grateful to our partners in the Senate for helping to save Californians money at the pump. Price spikes cost consumers more than $2 billion last year, and we're taking the action necessary to help put this to an end."
Governor Gavin Newsom
Now the measure goes back to the Assembly for a final concurrence vote.
"Rising gas prices impact everyone in California and nearly every facet of our lives - from how much we're paying at the pump to the cost of what we're buying at the store. Putting mechanisms in place to help prevent costs from spiking and sending family budgets into a tailspin benefits us all, and working together, we've been able to do just that," said Senate President pro Tem Mike McGuire (D-North Coast)."Thank you to all of the Senators for the swift, hard work and focus this week, and to our Assembly partners and Governor Newsom for their partnership on this effort."
Experts have come out in support of this measure, including Stanford economists who praised the proposal for being "an economically sound policy that addresses an important problem in a well-targeted way" and the "additional supply would free up refinery capacity to serve Nevada and Arizona, also reducing prices in these markets."
Supporters of the bill include mayors, local leaders, consumer organizations, environmental advocates, labor, business leaders and consumer groups. Last month, the Governor and supporters met and discussed how gasoline price spikes affect millions of Californians' everyday lives, and shared why this plan will help California families.
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