Gov. Gavin Newsom signed a bill mandating California oil refineries to hold fuel reserves to mitigate gas price spikes, aiming to protect consumers from volatile costs.
The new law allows the California Energy Commission to impose penalties up to $1 million daily on refineries for failing to meet maintenance criteria, a move aimed at accountability.
Lawmakers expressed skepticism about the bill's efficacy, with Assemblyman Gallagher stating, 'Even if, in theory, it stops price spikes, it still doesn't bring them down.'
Newsom emphasized ongoing efforts to address gas prices, asserting, 'This is not the final word as it relates to the issue of gas prices in California.'
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