Governor Newsom Signs Oil Storage Legislation Aimed At Curbing Gas Price Spikes

FRESNO ,CA (KMJ) – The California Legislature approved Gov. Gavin Newsom’s refinery storage mandate on Monday and he signed it.

The bill passed by a 41 to 16 vote in a special session.

Gov. Newsom signing the bill said the fuels storage proposal for oil refinery is meant to prevent a spike in gas prices, and it’s intended to stop oil companies from taking advantage of consumers.

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.

California is now equipped with more tools to require that petroleum refiners backfill supplies and plan ahead for maintenance outages. pic.twitter.com/KWwER179Bs

— California Governor (@CAgovernor) October 14, 2024

37 million gallons a day are purchased in California.

Opponents including Western States Petroleum Association says the bill could instead lead to higher prices at the pump.

Four democrats rejected the measure while several just did not vote.

Listen to the report by KMJ’s Liz Kern.