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SACRAMENTO ~ Governor Gavin Newsom has released a statement following an update from the state's Division of Petroleum Market Oversight on gas prices. The update reported an unusual transaction on the gasoline spot market and refinery maintenance issues which appear to have contributed to a recent increase in gas prices.
Newsom stated that with California's new gas price transparency law, they now have the tools to see where the market is broken. He noted how refiners going offline for maintenance without adequately preparing for it can limit supply and drive up prices, as well as how unusual spot market transactions can create unexplained spikes in prices that Californians pay at the pump.
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The Governor concluded by saying they will no longer be left in the dark as private traders and corporate interests make record profits while Californians foot the bill. He added that they will continue using their new tools to hold Big Oil accountable and shine a light on these operations that have, until now, functioned in the shadows.
Newsom stated that with California's new gas price transparency law, they now have the tools to see where the market is broken. He noted how refiners going offline for maintenance without adequately preparing for it can limit supply and drive up prices, as well as how unusual spot market transactions can create unexplained spikes in prices that Californians pay at the pump.
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The Governor concluded by saying they will no longer be left in the dark as private traders and corporate interests make record profits while Californians foot the bill. He added that they will continue using their new tools to hold Big Oil accountable and shine a light on these operations that have, until now, functioned in the shadows.
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