According to the U.S Energy Information Administration – The average price for a gallon of gas in California last month was $4.57 – that’s $1.19 above the national average of $3.38. That’s lower than September of 2023 when California’s average price was $5.50 a gallon, about $1.50 more than the average.
Prices at the pumps in Southern California continue to creep up in September and October, and state lawmakers have passed a bill that they say will help stabilize supplies and prices for the Golden State.
So how are they trying to make that happen? According to the text in California State Assembly Bill ABX 2 1 – it authorizes the California Energy Commission (CEC) to increase the amount of available fuel to the state by requiring oil refineries to maintain a minimum inventory and adequately plan for scheduled shutdowns. Lawmakers say that the sudden surge in fuel prices during this period in the last two years was due to fuel supplies dipping below a “15 day” threshold, and voluntary efforts by the oil industry didn’t do enough to change supply levels or – more importantly – reduce the price at the pump.
Last year In an effort to curb the rising gas prices, the California Air Resources Board facilitated an early switch to Winter-Blend gasoline – which they say is cheaper for the refineries to produce. So far this fall gas prices haven’t hit last year’s highs, and the state bill aims to keep prices more inline with national averages.
California Attorney General Rob Bonta says that the bill will save Californians “billions of dollars” as well as reduce opportunities for Big Oil to manipulate the market. He also urged residents that purchased gasoline between February and November of 2015 to submit a claim for payment under the state’s $50 million dollar settlement with gas trading firms for tampering with and manipulating prices for California gasoline. You can see if you are entitled to a payout at www.calgaslitigation.com
