Gov. Gavin Newsom criticized the oil industry, alleging collusion with Donald Trump to manipulate gas prices during election season, despite stable gasoline pricing in California.
Severin Borenstein, an energy economist, acknowledged that California refiners might have market power to apply political pressure, but emphasized there's no evidence of deliberate price manipulation.
Patrick De Haan from GasBuddy pointed out that oil companies, like politicians, have minimal control over prices, as they're heavily influenced by market dynamics.
Newsom's grievances with oil companies stem from a meeting between Trump and oil executives, where potential deregulation was discussed.
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