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Posted by: thepinetree on 08/16/2024 09:02 AM
Updated by: thepinetree on 08/16/2024 09:02 AM
Expires: 01/01/2029 12:00 AM
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Governor Newsom Announces Plan to Prevent Big Oil ‘Profit Spikes’ & Save Californians Money at the Pump
Sacramento, CA...The state has found that, when refiners limit gasoline supplies, prices spike at the pump and create massive profits for Big Oil. Today, Governor Gavin Newsom announced a new, first-in-the-nation proposal to further prevent price spikes and save Californians money.
The proposal would authorize the California Energy Commission (CEC) to require that petroleum refiners maintain a minimum fuel reserve to avoid supply shortages that create higher prices for consumers. If this proposal had been in effect in 2023, Californians would’ve saved upwards of $650 million in gas costs due to refiners’ price spikes.
The CEC also found that, in 2023, there were 63 days of California refiners maintaining less than 15 days of gas supply — driving up prices. This proposal would help ensure that the industry behaves responsibly and plans ahead to protect consumers from price spikes.
“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.”
Governor Gavin Newsom |
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The state’s new oil & gas accountability tools have helped mitigate price spikes and held Big Oil accountable, with prices significantly lower than at this time last year and the year before. This summer, Californians spent an estimated $728 million less on gasoline than the same period last year. Today’s announced proposal would further protect consumers at the pump and help stabilize the market for the long-term.
"The data is clear: oil refiners have been racking up profits by planning maintenance that reduces supply during our busy driving seasons. The Governor’s proposal gives us new tools to require refiners to plan responsibly and prevent price gouging during maintenance." — Tai Milder, Director of the Division of Petroleum Market Oversight for the CEC |
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What the proposal would do
- Obligate California’s petroleum refiners to demonstrate resupply plans and arrangements to the CEC that are adequate to address the loss in production from refinery maintenance.
- Authorize the CEC to require petroleum refiners to maintain enough fuel inventory to stabilize fuel supply.
- Impose penalties on refiners who fail to follow these requirements.
How we got here
Other countries have taken similar actions
- Australia enacted the Fuel Security Act, which has two major components: a minimum stockholding obligation and a fuel security services payment. Implemented in 2024, the minimum stockholding obligation requires major fuel refiners to hold 24 days of gasoline and 20 days of diesel fuel.
- Japan passed the Oil Stockpiling Act to ensure a stable supply of oil, requiring both the government and private sector to maintain reserves of crude oil and other finished petroleum products.
- The European Union adopted an Oil Stock Directive that requires EU countries to maintain emergency stocks of crude oil and petroleum products equal to at least 90 days of net imports or 61 days of consumption, whichever is higher.
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Comments - Make a comment |
The comments are owned by the poster. We are not responsible for its content. We value free speech but remember this is a public forum and we hope that people would use common sense and decency. If you see an offensive comment please email us at news@thepinetree.net
No Subject
Posted on: 2024-08-16 09:04:45
By: Anonymous
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You do realize Gavin that we have the highest gas prices in the nation precisely because of your policies right?
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Posted on: 2024-08-16 09:06:47
By: Anonymous
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What utter and complete morons. If the climate nazis including Gavin would just get out of the way and do NOTHING!!! The market would take care of it!!
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Posted on: 2024-08-16 09:09:15
By: Anonymous
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He owes his entire life to Getty oil money. He is embarrassed by that and is just trying to punish "Big Oil" out of guilt and make it worse for all of us! I think his oil policies cost the citizens of Ca an extra $52 billion a year is fuel costs.
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No Subject
Posted on: 2024-08-16 09:14:43
By: Anonymous
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I love California, but how on earth do we allow ourselves to be governed by such idiots. Even they can't be this stupid. They know this is only going to raise prices. They are just plain evil and hate us.
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Posted on: 2024-08-16 09:56:57
By: Anonymous
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Better'n Trump
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Posted on: 2024-08-16 10:04:54
By: Anonymous
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You must enjoy pain
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Posted on: 2024-08-16 10:05:25
By: Anonymous
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without gain :)
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Stuck On Oil Newsome Solar Rights Test Coming
Posted on: 2024-08-16 10:06:19
By: Anonymous
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The cons are stuck on oil, and anti regulation of anything.
The Libertarian dream is listed in the Project 2025 ,all 900 pages of the elimination of the US government, all regulations, rights. Read it get informed.
Of course the majority want regulation of the monopolies, they have shown they will gouge us all. Big Oil is one of the worst.
Remember electricity deregulation, how they scammed us?
Ken Lay, Ross Perot met with the utilities and politicos in Ca, and showed a [power point of how they will reduce electricity generation during the winter to raise prices.
Arnold Schwarzenegger was at the meeting.
Sadly it appears Newsom will be handed a bill to allow farms, apartment houses, schools to use the solar they have on site to reduce their electricity bills. It appears since the recall attempt, and PG&E gave Newsom $1M , he has been anti solar in Ca.
When the bill to reverse the CaPUC ruling to deny farms, apartment houses, schools to use their own power we will know which side Newsom is on.
Sadly when a person of power reverses their position as Newsom appears to have, you look for the $ that changed their position. This is bribery.
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Posted on: 2024-08-16 10:27:47
By: Anonymous
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Of course they hate us, that's the democrat's way, fuk what the people want.
Then they lie, raise our taxes and blame the business owners of greed as the dems funnel our tax dollars to their sponsors and friends they owe favors too. Look at how all of Newsom's businesses magically received money from the COVID funds. Look at how Harvey Weinstein's lover....I mean Jennifer NEWSOM'S bank account grew and her business has made millions in her position. Huh? Kinda like Kamala"kneepad" Harris going down on Slick Willes Black 🌭 come to think of it.
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Posted on: 2024-08-16 10:45:57
By: Anonymous
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Meanwhile the con don ballooned the Fed deficit with his insane tax cuts for billionaires.The meager tax cuts for the middle class is now gone, for Billionaires it was permanent.
Your brainwashed, you need help, or you want a white christo fascist country where all regulations are gone you pay the most for everything, and get paid less because they can.
You really need help, get the facts, and shut Fox off it's rotting your brain.
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Posted on: 2024-08-16 11:26:21
By: Anonymous
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You people make life worse for all!
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Posted on: 2024-08-16 10:49:29
By: Anonymous
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Of course they hate us, that's the democrat's way, fuk what the people want.
Then they lie, raise our taxes and blame the business owners of greed as the dems funnel our tax dollars to their sponsors and friends they owe favors too. Look at how all of Newsom's businesses magically received money from the COVID funds. Look at how Harvey Weinstein's lover....I mean Jennifer NEWSOM'S bank account grew and her business has made millions in her position. Huh? Kinda like Kamala"kneepad" Harris going down on Slick Willes Black 🌭 come to think of it.
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No Subject
Posted on: 2024-08-16 10:16:52
By: Anonymous
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Wow!!! Newsom is sounding a lot like Kamala Harris. Completely full of 💩
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Posted on: 2024-08-16 10:54:09
By: Anonymous
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Wow!!! Kamala Harris is sounding like the next POTUS!!!
Hey DonOld!! Nice "Press Conference". Gawd you Calatrumplicans that continue to back this spewer of gibberish are stoopid. Do you actually BELIEVE what he says?? The lies, the redundancy, the utter foolishness of this shyster?
If you do, you must be dummer than you appear.
Hello Kamala, goodbye Joe. You did a fine job, but its time for some new, vibrant blood.
That would be Ms. Harris, the next POTUS!!!
Can't wait.
Harris/Newsome 2028!!
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Posted on: 2024-08-16 11:01:26
By: Anonymous
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We CAN win the war against women!
Vote Trump 2024 MAGA
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