California Gov. Gavin Newsom’s office is warning people to avoid buying gas from Chevron stations over Memorial Day weekend because of the high price at the pump.
He signed a law in 2023 allowing the state’s energy commission to penalize oil companies for excess profits, declaring the state had “finally beat big oil.” But regulators voted last year to hold off on plans to penalize businesses until 2030 and prioritize other efforts to protect consumers at the pump.
The postponement came after two oil refineries that accounted for roughly 18% of the state’s refining capacity announced their plans to close, reigniting debate over the price impacts of the state’s ambitious climate policies.
Newsom signed another law in 2024 giving the commission the authority to require refineries to keep a certain amount of fuel on hand. The goal is to try to keep prices from increasing suddenly when refineries go offline for maintenance. But that regulation has also stalled.
2·24 days ago