California’s New Oil Company Rules Will Increase Gas Prices, Businesses Tell Regulators

Published on March 21, 2024

Oil and gas industry representatives and small business owners urged the California Energy Commission March 18 to delay new emergency reporting requirements on oil and gas companies, saying the rules could raise gas prices. The energy commission held a workshop Monday to discuss new data reporting requirements under Gov. Gavin Newsom’s oil company price-gouging law signed in March 2023. The law created new regulations and extensive state oversight for oil companies and refineries selling fuel in California. Mr. Newsom claims it will “take on big oil” by capping profits and reducing price spikes. During the workshop, the energy commission outlined proposed rules that will take effect May 20. The timeframe has been expedited using emergency rulemaking, leaving less time for public comment....

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