Newsom’s New Bill to ‘Hold Big Oil Accountable’ will Fine Local Refineries Up to $1 Million PER DAY, Cause Gas Prices to Spike – Refineries Announce They Are Leaving CA

Meanwhile in the Democrat hellhole of California…

California’s Democrat Governor Gavin Newsom signed a bill to hold Big Oil accountable – only it will lead to gas shortages and price hikes.

Big Oil “has been screwing you for decades,” Newsom said.

“Price spikes have cost Californians billions of dollars over the years, and we’re not waiting around for the industry to do the right thing,” Newsom said.

“We’re taking action to prevent these price spikes and save consumers money at the pump,” he said.

The bill passed the California Assembly last week with a 41-16 vote. Many Democrats did not vote and four voted against the radical measure.

The measure will force local refineries to stockpile fuel and if they don’t follow the new regulations they can be fined up to $1 million PER DAY.

The heavy fines will inevitably be passed down to the consumer and cause gas prices to spike.

“ABX2-1 authored by Assemblymembers Gregg Hart and Cecilia Aguiar-Curry and Senator Nancy Skinner — allows the state to require oil refiners to maintain a minimum inventory of fuel to avoid supply shortages that create higher gasoline prices for consumers and higher profits for the industry. It also authorizes the California Energy Commission to require refiners to plan for resupply during refiner maintenance outages,” the governor’s office said.

Refineries announced they are leaving California because of Newsom’s new bill.

Phillips 66 refinery announced they are ceasing operations in Los Angeles because of Newsom’s bill.

“With the long-term sustainability of our Los Angeles Refinery uncertain and affected by market dynamics, we are working with leading land development firms to evaluate the future use of our unique and strategically located properties near the Port of Los Angeles,” said Mark Lashier, the chairman and CEO of Phillips 66.

Chevron is also moving its headquarters from California to Houston, Texas thanks to Newsom.

Newsom still found a way to blame Trump for high gas prices in California.

Big Oil wants to scare you into voting for @realDonaldTrump.

California just passed a bill cracking down on a scheme oil companies use to jack up gas prices before the election.

Don't fall for their dirty lies. pic.twitter.com/XTvMlGI4fa

— Gavin Newsom (@GavinNewsom) October 14, 2024

WATCH:

The post Newsom’s New Bill to ‘Hold Big Oil Accountable’ will Fine Local Refineries Up to $1 Million PER DAY, Cause Gas Prices to Spike – Refineries Announce They Are Leaving CA appeared first on The Gateway Pundit.