Image by Engin Akyurt from Pixabay

September 25, 2023 - SACRAMENTO – Governor Gavin Newsom issued the following statement last Friday as the state’s Division of Petroleum Market Oversight provided an update on gas prices, reporting an unusual transaction on the gasoline spot market and refinery maintenance issues which appear to have contributed to a recent increase in gas prices:

“With California’s new gas price transparency law, we now have the tools to see where this market is broken. We can see how refiners that go offline for maintenance without adequately preparing for it limit supply and drive up prices. We can see the unusual spot market transactions that create unexplained spikes in prices that Californians pay at the pump.

“We will no longer be left in the dark as private traders and corporate interests make record profits while Californians foot the bill. We’ll continue using our new tools to hold Big Oil accountable and shine a light on these operations that have, until now, functioned in the shadows.”
Source: Office of the Governor

Related: California State Officials Provide Update on Gas Prices – Cite Unusual Petroleum Market Transaction on the Gasoline Spot Market and Refinery Maintenance