California Keeps Driving Up Gas Prices With ‘Layers And Layers’ Of Green Rules And Regs
Story by Nick Pope • 11h
California’s latest law cracking down on fuel refiners in the state is likely to drive already-high prices at the pump even higher, according to several energy experts.
Democratic California Gov. Gavin Newsom signed ABX2-1 into law on Oct. 14, empowering state bureaucrats to require refiners to maintain certain inventory levels in an effort to prevent alleged price gouging by energy companies and adding to the list of anti-fossil fuel industry policies and regulations in the state. Along with rules already on the books, the new policy will further squeeze refiners and fuel producers, undermine supply and send prices even higher with the help of other costly rules on the books regulating the fossil fuel industry, according to several energy sector experts.
At about $4.64, California already has the highest per-gallon gas prices of any state in the U.S., according to AAA gas price data. In the week since the bill became law, Phillips 66 announced that it plans to close one of its refineries in the Los Angeles area in 2025, meaning that one of California’s nine refineries and 8% of the state’s available refining capacity will be closing down, according to the Los Angeles Times.
Former House Speaker Nancy Pelosi and Democratic California Gov. Gavin Newsom attend the fourth and last day of the Democratic National Convention (DNC) at the United Center in Chicago, Illinois, on August 22, 2024. (Photo by Kamil Krzaczynski/AFP via Getty Images)
https://www.msn.com/en-us/money/markets/california-keeps-driving-up-gas-prices-with-layers-and-layers-of-green-rules-and-regs/ar-AA1sKff7?ocid=msedgdhp&pc=HCTS&cvid=cd8144919c28466bbbd9c3547b6560df&ei=35
