refiner

California Gov. Gavin Newsom recently signed legislation allowing regulators to require the state’s fuel refiners to store more fuel in an effort to tamp down spikes in the cost of gas.

“This is the reason for command and control over the refiners,” he said.

The announcement comes the same week Gov. Gavin Newsom signed a new state law that could lower gasoline price spikes by giving regulators the authority to require that California oil refiners store more inventory.

In the ongoing special legislative session called by Newsom, the Democratic-led Assembly approved bills that give the state the authority to place new requirements on California oil refiners to keep adequate reserves.

Retailers and refiners haul in extra profits as a result.