Speaker Robert Rivas, Assembly Leaders’ Statements on Governor Newsom’s Signing of New Law to Stabilize Gas Prices

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• Cynthia Moreno
• Press Secretary
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• [email protected]

SACRAMENTO - Today, Speaker Robert Rivas and Assembly leaders joined Governor Gavin Newsom as he signed a new law that will hold big oil companies responsible to stabilize gas prices.

Assembly Bill x2-1, authored by Assemblymembers Gregg Hart (D-Santa Barbara), Majority Leader Cecilia Aguiar-Curry (D-Winters), and Senator Nancy Skinner (D-Berkeley), requires oil companies to maintain minimum fuel reserves to bring stability to prices at the pump for all Californians, while protecting frontline communities and ensuring workforce safety.

What Speaker Robert Rivas Says

"With this new law, big oil companies are now responsible for stabilizing prices at the pump. It's a critical accomplishment, but our work is not done. I will continue to fight to lower the cost of living, because housing, groceries and everyday necessities must be more affordable for all Californians."

What Assemblymember Gregg Hart Says

"This landmark legislation is a win for consumers, and a win for accountability in the state's gasoline market. ABx2-1 will save working California families billions at the gas pump. This commonsense solution has received broad public support because consumers know that when gas prices spike in California, the oil industry unfairly profits."

What Majority Leader Cecilia Aguiar-Curry Says

"ABx2-1 was the subject of an extensive amount of scrutiny, testimony and participation by Members of the Legislature in over 18 hours of hearings. I am proud of the work done by our Assembly Policy Chair, Assemblymember Petrie-Norris, and my colleagues and co- Joint Authors Assemblymember Hart and Senator Skinner on this critical issue. This bill clearly states that no regulations will move forward unless there is a tangible benefit to California gas consumers, and that the safety of our refinery workers and the public is paramount in any action taken by the State. Our work is not done when the Governor signs ABx2-1. We owe it to all Californians to remain actively engaged in the regulatory process to assure those goals and values are met."

What Assemblymember Cottie Petrie-Norris Says

"As Chair of the Special Session Committee on Petroleum and Gasoline Supply, I want to acknowledge the hard work of the Speaker, the authors, and the committee members, all of whom spent countless hours diving into the topic of California's petroleum market and identifying policies to rein in soaring prices. Transitioning our fuels market as we build California's clean energy future is one of the critical missions of our time. In my role as Chair, I am committed to robust oversight to ensure that this proposal is implemented effectively and delivers real savings for California families."

What Governor Gavin Newsom Says

"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. 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."

How We Got Here

At the conclusion of the regular 2023-24 legislative year in August, Governor Gavin Newsom proclaimed aspecial sessionto address spikes in gasoline prices and fuel supply.

In early September, the Assembly announced aplan for legislative action, with the introduction ofAB x-2 1.

Speaker Rivas also announced the formation of thePetroleum and Gasoline Supply Committee, a bipartisan group of 19 members, led by Chair Assemblymember Cottie-Petrie-Norris (D-Irvine). The committee held three focused hearings, with more than 16 hours of testimony and discussion from experts, stakeholders and the public, ensuring the legislative proposals were thoroughly vetted.

The new law signed by the Governor today includes safeguards to protect consumers and workers, and addresses supply concerns without requiring the construction of new fuel storage.

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Speaker of the Assembly Robert Rivas represents California's 29th Assembly District, which includes all of San Benito County and portions of Monterey, Santa Cruz, and Santa Clara Counties. For a full biography of Speaker Rivas, click here.