Consumer Watchdog Applauds CA Assembly Passage of Minimum Gasoline Inventories Bill

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Oct 01, 2024, 18:47 ET

SACRAMENTO, Calif., Oct. 1, 2024 /PRNewswire/ -- Consumer Watchdog praised the California Assembly's passage of ABX2-1 (Hart), which requires oil refiners to keep minimum inventories in order to protect Californians from price spikes that occur when refineries go down, by a vote of 44 to 17.

"This is a critical consumer victory that takes away a tactic oil refiners have used for decades to keep gas prices and refiner profits artificially high," said Jamie Court, president of Consumer Watchdog. "ABX2-1 will set a national example in how to fight back against outrageous price gouging at the pump. The Assembly and Governor are to be congratulated on taking on this powerful industry on behalf of beleaguered consumers. This bill simply requires resupply commitments to guarantee there are no artificial shortages that drive price spikes. Nothing in this bill endangers communities or workers. It's a complete red herring raised by greedy oil companies and their allies who simply want to keep making too much money at the expense of California consumers. Shame on the industry and those who stand with them."

Court testified before the Assembly on the need for oil refiners to maintain 15 to 18 days of supply and the reasons why it saves consumers from price and profit spikes.

"Governor Newsom's pioneering proposal is one more check on the profiteering of the 4 oil refiners that make 90% of California gasoline," said Court. "That level of consolidation requires this level of added controls."

SOURCE Consumer Watchdog