They said they fear penalizing oil companies could drive the few remaining refiners out of California entirely.
CALIFORNIA, USA — State regulators quietly voted to delay California’s new profit-cap rules for five years, even as gas prices have surged past $5.30 a gallon amid the war in Iran.
They said they fear penalizing oil companies could drive the few remaining refiners out of California entirely.
With the Benicia refinery set to close next month, California is becoming an “energy island,” relying more on expensive imports as local production declines.
Consumer advocates argue Gov. Gavin Newsom “panicked,” leaving drivers defenseless during the global oil shock. The criticism comes three years after Newsom promised to take on Big Oil with a landmark price-gouging law that remains unused.
Meanwhile, industry experts warn that without new pipelines or import terminals, Californians could face $7 gasoline if the Strait of Hormuz remains shut.
Oil refineries and State legislators dispute over proposed solution to CA rising gas prices