Gavin Newsom Impresses California With New Law To Reduce Gas Prices

California Governor Gavin Newsom recently announced legislation to reduce gas prices in the state of California...

Photo byGage Skidmore via Wikimedia Commons

California Governor Gavin Newsom recently announced a law intended to reduce gas prices. According to the Governor, legislation that recently took effect will monitor the industry to help ensure customers in California aren't being ripped off. And, if gas prices are unreasonably high, the independent watchdog will reportedly take appropriate action against oil companies.

"CA’s first-in-the-nation law to stop oil companies from inflating gas prices is taking effect," said Governor Newsom. "A new independent watchdog--The Division of Petroleum Market Oversight--will monitor the industry to help ensure you’re not being ripped off. It's time to hold oil companies accountable."

Governor Gavin Newsom recently described the new legislation as a model for the nation. After all, 89% of Americans support efforts to crack down on gas price gouging. It's also worth mentioning the law will expose gas price manipulation in real time by requiring daily reports on the market and imports.

“California is delivering on our promise to hold Big Oil accountable," said Governor Gavin Newsom in an official statement. "These new transparency laws will help us track refiners’ profits and shine a light on price manipulation so Californians aren’t vulnerable to the greedy whims of Big Oil. And this is just the start – we’re standing up the nation’s first Big Oil watchdog to monitor the industry 24/7, rooting out illegal price gouging in real-time to help you keep money in your pocket.”

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