With California’s gas prices on the rise amid uncertain supplies, the state’s oil industry watchdog is stressing the need to maintain inventories to avoid price spikes at the pump.
Since Aug. 15, the state’s retail gasoline prices have risen by about 16 cents per gallon, with Southern California recording the highest increases. Summer volatility on the Los Angeles spot market has created upward pressure on prices that will be felt for the next several months, the state Energy Commission said in a news release.
In a Sept. 16 market update sent to Gov. Gavin Newsom and Democratic leaders, the Division of Petroleum Market Oversight detailed plans to work with the oil industry to keep gas prices from spiking….