California state senators approved a bill on Oct. 11 in a 23–9 vote that will give the California Energy Commission more authority to regulate oil refineries with the goal of lowering gasoline prices.
Assembly Bill X2-1, introduced by Assemblymembers Gregg Hart and Majority Leader Cecilia Aguiar-Curry, would allow the commission to order refiners to store more fuel and to coordinate and regulate refinery maintenance schedules.
The bill does not set minimum reserve levels or maintenance timeframes, but it gives the commission the authority to do so.
Supporters say the additional reserves will help mitigate price fluctuations due to limited supply.
“Rising gas prices impact everyone in California and nearly every facet of our lives—from how much we’re paying at the pump to the cost of what we’re buying at the store,” Senate President pro tem Mike McGuire said in an Oct. 11 press release. “Putting mechanisms in place to help prevent costs from spiking and sending family budgets into a tailspin benefits us all, and working together, we’ve been able to do just that.”…