California Gov. Gavin Newsom on Monday signed a bill into law aimed at curbing surging gas prices soon after state lawmakers endorsed the legislation in a final vote.
The Democrat-backed measure, Assembly Bill X2-1, was introduced in response to the state’s rising gas prices and will require oil refineries to keep a minimum inventory level of fuel in an effort to avoid scarce supply, which leads to price hikes at the pump.
The law also allows the state Energy Commission to set new rules around backup fuel supply and maintenance for oil refiners. Additionally, it will authorize the CEC to approve scheduled maintenance times to avoid supply issues.
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Speaking to reporters after signing the bill, Newsom accused oil companies of raking while Americans struggle to pay for gas.
“They take advantage of the fact that they have a massive economic advantage. They buy their manipulation,” …