California Governor proposes minimum gasoline reserves for refiners to prevent price spikes.

California Governor Gavin Newsom has proposed a plan to require oil refiners in the state to maintain minimum reserves of gasoline. The plan aims to prevent price spikes by requiring refiners to demonstrate resupply plans that are adequate to address losses in production during maintenance work. Last year, California refiners maintained less than 15 days of supply on 63 days, leading to price spikes and costing drivers $650 million. Critics have argued that this plan is an attack on consumers and the industry.

August 15, 2024
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